A former Director of the Central Bank of Nigeria (CBN), Dr Titus Okunrounmu, has called on the Federal Government to strategically reduce the cost of governance in 2025 to address rising recurrent expenditure and debt servicing.
Speaking in an interview with the News Agency of Nigeria on Monday in Ota, Ogun State, Dr Okunrounmu expressed concern over the increasing debt servicing costs, which rose from ₦9.8 trillion in 2023 to ₦12.1 trillion in 2024.
He urged the government to prioritise borrowing for capital projects, ensuring that such investments generate revenue for repayment.
Commends Resuscitation of Port Harcourt Refinery
Dr Okunrounmu praised the revival of the Port Harcourt refinery, which has resumed production of fuel and other petroleum products, describing it as a significant boost to the Nigerian economy.
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