Abuja – Accounting experts have called for the total removal of the oil subsidy, to free up funds for capital development.
They made the call at the three-day National Treasury Workshop, organised by the Office of the Accountant-General for the Federation.
The Executive Director, Finance and Accounts, Federal Road Maintenance Agency, Mr Taiwo Ladipo, said that this had become necessary with the reduction of oil revenue, insecurity, weakening of naira and decline in foreign reserves.
Ladipo said there was need for state and federal governments to restrategise while taking into account the current monetary challenges in the country.
“There is need to merge MDAs with over lapping functions in order to cut cost. BPP should be encouraged to compile a list of pricing that all MDAs must adhere to.
“Importation of goods that can be produced locally should be discouraged. Also Federal Government should eliminate waivers given to certain corporations on importation.
“Tax administration in the country needs to be improved and leakages of revenue generated should be curbed,” he said.
Similarly, the Director of Finance and Account, Office of the Special Adviser to the President on Niger Delta Affairs, Mr Abiola Ayoola, called for the reduction of recurrent expenditure in the country.
He said that about 80 per cent of government revenue was spent on recurrent rather than capital expenditure.
“There must be a reduction in foreign travel and hiring of private jets by public officials.
“Government must reduce funding of ECOWAS and AU issues. We must also reduce borrowing of funds with high interest rates whether locally or internationally.