By Oluwakemi Kindness
The Federal Government is moving to eliminate duplicate regulatory requirements, multiple fees and unnecessary procedures imposed on businesses by government agencies in a bid to reduce operating costs and attract investment.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the plan during a meeting with heads of agencies and senior government officials in Abuja.
According to a statement issued on Sunday by the ministry’s Head of Information and Public Relations, Efe Ovuakporie, the government will introduce a framework to hold ministries, departments and agencies (MDAs) to measurable performance targets.
Oyedele said economic reforms must go beyond stabilising the economy to addressing the everyday challenges businesses face when dealing with government institutions.
He urged agencies to operate within their statutory mandates and remove requirements and charges that duplicate those of other institutions.
Under the proposed “One Government” approach, agencies will coordinate their activities to prevent businesses from navigating conflicting demands from multiple regulators.
“Where mandates overlap, the goal should be one lead agency, one process and one fee,” Oyedele said.
The minister also called on agencies to consult stakeholders before introducing new regulations, assess the economic impact of proposed policies and give businesses reasonable notice before major changes take effect.
He directed agencies to remit all government revenues promptly and in full, transfer operating surpluses to the Consolidated Revenue Fund and submit audited accounts as required by law.
Oyedele said the government would assess agency performance based on measurable results, including service delivery speed, compliance with published timelines and reductions in regulatory costs.
He acknowledged that the Ministry of Finance must also address internal bottlenecks, including slow approvals, delayed fund releases and outdated rules.
As part of the implementation process, the ministry will review submissions from participating agencies and provide feedback within four to six weeks.
The government will subsequently circulate the draft framework for further consultation. Each agency will then be expected to agree to measurable commitments, with implementation subject to periodic reviews.
The initiative aims to improve accountability across public institutions and allow businesses to spend less time navigating government procedures and more time investing, expanding and creating jobs.
