Peter Obi, the presidential candidate of the Labour Party, has called for a more comprehensive approach to cost-cutting in governance, advocating for a 60% reduction in overall federal governance expenses rather than focusing solely on travel entourages.
Obi’s statement comes in response to President Bola Tinubu’s announced 60% reduction in international and local travel entourages, presented as part of the presidency’s efforts to cut costs. While acknowledging this as a positive step, Obi deems it insufficient and calls for a thorough review of the 2024 budget to eliminate wasteful expenditures.
He emphasises the importance of substantial reductions in the total cost of federal governance, redirecting the savings towards critical sectors such as education, healthcare, and poverty alleviation. Obi also emphasises the need for transparency in disclosing the actual savings generated and their allocation.
In his statement, Obi says, “While this modest step may be somewhat commendable, what is desirable should be both a 60% reduction in federal official overseas trips as well as a 60% reduction in the size of delegations.”
He stresses that a meaningful impact on the economy requires a 60% cut in the overall cost of government at the federal level, leading to substantial savings that can be utilised to fund productive sectors and essential social investments.
Furthermore, Obi emphasises the necessity of informing the nation about the specific savings generated by the measures and how these savings will be allocated.