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Dr. Titus Okunrounmu, a former Director of the Central Bank of Nigeria (CBN), has urged the Federal Government to take proactive steps in reducing the cost of governance in 2025. Speaking in an interview with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun, Okunrounmu highlighted that the escalating cost of governance has significantly contributed to rising recurrent expenditure.
The former CBN Director of Research pointed out that the country’s debt servicing obligations have surged, increasing from N9.8 trillion in 2023 to an estimated N12.1 trillion in 2024. He emphasized that the government should focus on borrowing solely for capital projects, with the expectation of repaying these loans through the revenue generated from the projects themselves.
Okunrounmu also praised the Federal Government’s efforts to revive the Port-Harcourt refinery, which has recently resumed the production of fuel and other petroleum products. He described this development as a significant boost to Nigeria’s economy, potentially halting the country’s reliance on importing refined products despite exporting crude oil.
He further suggested that the resuscitated refinery could also enhance Nigeria’s position as a key supplier of refined petroleum products to West African nations, generating additional revenue.
In his advice to the Nigerian National Petroleum Corporation Limited (NNPC), Okunrounmu emphasized the importance of regular maintenance to ensure the refineries operate at full capacity and continue delivering optimal service and production.
