Nigeria's Finance Minister Targets Regulatory Fee Overhaul

The Federal Government of Nigeria has announced plans to eliminate multiple regulatory fees, overlapping responsibilities, and bureaucratic procedures across Ministries, Departments, and Agencies (MDAs) to reduce the cost of doing business and attract investment. This initiative was disclosed in a statement by Efe Ovuakporie, Head of the Information and Public Relations Unit of the Federal Ministry of Finance, following a strategic engagement on Thursday between Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, and heads of government agencies in Abuja.

Oyedele directed agencies to operate strictly within their statutory mandates, eliminate duplicate requirements, and streamline processes to impose fewer costs on businesses. The initiative will operate under a “One Government” framework, aiming for coordinated activities among MDAs.

Oyedele emphasized the need for public agencies to facilitate business operations and investment. He also directed agencies to consult stakeholders before introducing new regulations and to ensure timely remittance of government revenues.

Performance will be assessed using measurable indicators, including service delivery timelines and compliance with processing periods.