The Federal Government is set to streamline regulatory operations across Ministries, Departments and Agencies (MDAs) by removing repeated charges, overlapping functions and cumbersome administrative processes to make doing business in Nigeria less expensive and encourage investment.
The proposed changes will also introduce clear performance benchmarks for government agencies, with emphasis on faster service delivery, the removal of unnecessary procedures and improved accountability.
The Head of the Information and Public Relations Unit of the Federal Ministry of Finance, Efe Ovuakporie, announced this in a statement on Sunday following a strategic meeting held in Abuja on Thursday between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and heads of government agencies.
During the meeting, Oyedele instructed MDAs to remain within their legally assigned responsibilities and discontinue repeated documentation requirements, multiple charges and avoidable administrative processes that increase expenses for businesses.
The statement quoted the minister as saying that where agencies have overlapping responsibilities, the government would adopt a system of one lead agency, one process and one fee.
Oyedele said the policy would be guided by a “One Government” approach, under which public institutions would be expected to work together instead of placing businesses and investors under conflicting regulatory obligations.
He noted that Nigeria’s economic reform programme needed to address not only macroeconomic stabilisation but also the practical difficulties businesses face when engaging with government agencies.
According to him, public institutions should make it easier for businesses to operate, invest and expand, rather than create further challenges through inefficient administrative practices.
As part of the planned changes, agencies must engage relevant stakeholders before introducing new regulations and examine the possible economic consequences of their proposed policies.
The minister also called on regulatory bodies to strengthen cooperation with other institutions and give businesses sufficient advance notice before implementing major policy changes to limit disruptions.
Regarding public financial management, Oyedele instructed agencies to remit government revenues in full and without delay, pay their operating surpluses into the Consolidated Revenue Fund and submit audited financial statements as required by existing laws.
He added that government agencies would be evaluated against defined performance measures, including the time required to deliver services, compliance with officially published processing timelines and progress in lowering regulatory expenses.
The minister also recognised the need for the Ministry of Finance to resolve its own administrative shortcomings, particularly delays in approvals, slow disbursement of funds and outdated operational regulations.
According to the statement, the ministry will examine submissions from the participating agencies and send them specific feedback within four to six weeks.
It will subsequently distribute a draft performance framework for further consultations, after which each agency will be expected to establish measurable commitments.
The agreed targets will be reviewed periodically to determine whether agencies are meeting their obligations and making progress in improving service delivery.
The ministry said the initiative was intended to reinforce accountability within government institutions, strengthen coordination among regulators and provide businesses with a more stable and predictable operating environment.
It added that reducing administrative delays and regulatory expenses would enable businesses to channel more resources into investment, expansion and employment generation.
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