The Federal Government plans to introduce measurable performance targets for its Ministries, Departments, and Agencies (MDAs). This initiative aims to reduce delays in government services and lower the costs of doing business, making it easier for companies to operate and attract investment.
During a meeting with heads of government agencies in Abuja, Finance Minister Taiwo Oyedele emphasized the need for agencies to be evaluated based on the quality and speed of their services. He highlighted the importance of timely processing of applications and meeting deadlines to help businesses comply with regulations more easily.
Oyedele stated that the government’s economic reform program must tackle the challenges businesses face when dealing with government, beyond just stabilizing the economy. He called for public institutions to support businesses rather than create hurdles through unnecessary procedures and conflicting demands.
The proposed framework includes a “One Government” approach, which encourages agencies to coordinate their activities, especially when their responsibilities overlap. This means there should be one lead agency, one process, and one fee for areas where multiple institutions are involved. The goal is to make it quicker and cheaper for businesses to obtain permits and approvals.
For small and medium-sized enterprises, reducing administrative costs can free up funds for growth and investment. This could improve the business environment and attract new investors.
Oyedele also stressed the importance of consulting with businesses before implementing new regulations. He urged agencies to consider the economic impact of proposed rules and allow businesses enough time to adapt before changes take effect.
The minister pointed out that agencies must also fulfill their financial responsibilities by promptly remitting public revenues and submitting required financial statements. This is part of a broader effort to ensure financial accountability and proper management of public funds.
Under the new performance system, agencies will be evaluated on tangible results, such as service delivery speed and cost efficiency for businesses. The Ministry of Finance will also work on improving its own processes to support these reforms.
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