Nigeria needs to impose deep cuts in cost of governance, says Gbajabiamila- The Speaker of the House of Representatives has stressed the need for Nigeria to cut the cost of governance - Femi Gbajabiamila explained that this is in order to free up revenue for infrastructure development - According to the speaker, the nation is facing a fiscal crisis, compounded by the COVID-19 pandemic PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Femi Gbajabiamila, the speaker of the House of Representatives, on Thursday, August 13, said there is a need to impose deep cuts in the cost of governance to free up revenue for infrastructure development. According to Gbajabiamila, Nigeria is facing a fiscal crisis and the reduction in the cost of governance will improve internal revenue generation in order to build the infrastructure required to lift millions of Nigerians out of poverty. The speaker disclosed this at the beginning of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) revenue considerations with revenue-generating agencies. Recommended for you "You look good": Beautiful lady who is a fish farmer shows off big 'point a... Gbajabiamila further stated that revenue-generating agencies have a role to place in helping Nigeria increase its revenue base. However, he decried that there has been a consistent failure to adhere to the revenue remittance agreements to which many of these agencies have committed. He went on to note that the legislature is backed by law to ensure the country’s resources are used judiciously for the betterment of the masses. He said: “We have a responsibility to act with urgent determination to build the infrastructure of opportunity that is required to lift millions of our fellow citizens out of poverty.” “Therefore, we need to impose deep cuts in the cost of governance and improve internal revenue generation and collection so that we can free up resources that can then be deployed to fund policy initiatives that will enhance the lives of our people.” PAY ATTENTION: Install our latest app for Android, read the best news on Nigeria’s #1 news Recommended for you Tinubu's aide asks Buhari to suspend Emefiele as CBN governor, gives fresh... Earlier, Legit.ng reported that President Muhhamdu Buhari, on Friday, June 12, confirmed that he has begun the process to cut the country's cost of governance following Nigeria's unstable economic resources. President Buhari affirmed this during a broadcast to mark 2020 Democracy Day in Abuja. The president noted that he has ordered the review of the federal government white paper on the Stephen Oronsaye report. The implementation of this review will involve the rationalization of government parastatals, ministries and agencies with the intention of slashing cost. However, the president vowed to keep supporting the reforms which are aimed to revive accountability in the public service. 5 years after, Nigerians speak about Buhari's administration | Legit TV Source: Legit.ng - The Speaker of the House of Representatives has stressed the need for Nigeria to cut the cost of governance - Femi Gbajabiamila explained that this is in order to free up revenue for infrastructure development - According to the speaker, the nation is facing a fiscal crisis, compounded by the COVID-19 pandemic PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! PAY ATTENTION: Legit.ng