FG targets regulatory bottlenecks, sets measurable targets for MDAs

The federal government has announced plans to hold Ministries, Departments, and Agencies (MDAs) to strict, measurable performance targets in a fresh bid to eliminate bureaucratic bottlenecks and overlapping regulatory mandates stifling private sector growth.

Taiwo Oyedele, minister of Finance and Coordinating Minister of the Economy, in a statement issued to journalists on Sunday, stated that the next phase of Nigeria’s economic reform agenda must focus on improving the operating environment for businesses and investors.

According to Oyedele, economic stabilization efforts must be complemented by practical administrative reforms that address the day-to-day friction enterprises face when dealing with government institutions.

He stressed that agencies must make it easier, not harder, for businesses to operate, invest and expand.

To achieve this, the minister emphasized the need for agencies to remain within their statutory mandates and eliminate duplicate requirements, multiple fees and unnecessary procedures that increase the cost of doing business.

The Minister outlined a “One Government” approach under which MDAs would coordinate their activities rather than leave businesses and other applicants to navigate conflicting demands from different institutions. Where mandates overlap, he said, the goal should be one lead agency, one process and one fee.

Oyedele also urged agencies to consult stakeholders before introducing new regulations, assess the economic implications of proposed measures, coordinate with other relevant institutions and give reasonable notice before major policy or regulatory changes take effect.

On public finance, Oyedele directed agencies to remit all revenues due to the government promptly and in full, transfer operating surpluses to the Consolidated Revenue Fund and submit audited accounts as required by law.

He said agency performance would be judged by results, including how quickly services are delivered, whether published timelines are respected and whether regulatory processes become less costly for businesses.

Acknowledging internal institutional delays, Oyedele stated that the Ministry of Finance would subject itself to the same efficiency benchmarks, addressing challenges such as delayed fund releases, slow approval cycles, and outdated administrative guidelines.

“The Ministry will review submissions from participating agencies and issue feedback within four to six weeks. A final draft framework will subsequently be circulated for broader stakeholder consultation before agencies sign binding, periodically reviewed performance commitments,” he said.

The reform strategy according to him, aims to drive institutional accountability, reduce regulatory drag, and foster an enabling environment capable of attracting long-term investment and spurring job creation across key sectors of the Nigerian economy.