He clarified that it could be hard for the administration to take care of its expense without anyone else however that it is something that must be finished.
Osinbajo said these while handling inquiries by a previous Governor of the Central Bank of Nigeria and quick past Emir of Kano, Muhammad Sanusi, during an online course sorted out by the Emmanuel Chapel, themed, ‘Monetary strength past COVID-19’, on Friday.
Sanusi, who had on Friday a week ago called attention to that the administration structure in the nation had set it up for chapter 11, asked the VP what the current system would do any other way to address the lasting issue.
The former CBN governor said:
“The greater Atlanta (in the United States) has a Gross Domestic Product that is higher than that of the Federal Republic of Nigeria, and Atlanta is not the richest city in the United States.
“I don’t want to be disrespectful, but the annual sales of Tesla exceeds the budget size of our country, so should we not begin to cut our coat according to our cloth; should we not begin to look at all these costs and the constitution itself; maybe turn the legislators to part-time lawmakers, have a unicameral legislature instead of bicameral, have the local governments run by employees of the Ministry of Local Government Affairs? We just need to think out of the box to reduce structural cost and make government sustainable over the long term.”
In his response, Osinbajo said,
“There is no question that we are dealing with large and expensive government, but as you know, given the current constitutional structure, those who would have to vote to reduce (the size of) government, especially to become part-time legislators, are the very legislators themselves. So, you can imagine that we may not get very much traction if they are asked to vote themselves, as it were, out of their current relatively decent circumstances.
“So, I think there is a need for a national debate on this question and there is a need for us to ensure that we are not wasting the kind of resources that we ought to use for development on overheads. At the moment, our overheads are almost 70 per cent of revenues, so there is no question at all that we must reduce the size of government.