Federal Government Mandates Business Friendly Regulatory Framework for MDAs
The Federal Government has launched a new phase of institutional reforms aimed at making Ministries, Departments, and Agencies (MDAs) more efficient, predictable, and responsive to commercial investors. Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, disclosed the policy direction in Abuja during a strategic engagement with agency heads at the ministry headquarters. Addressing senior government officials, Oyedele stated that Nigeria’s economic reforms must move beyond macroeconomic stabilization to improve the daily operational experience of private businesses. He directed all regulatory bodies to operate strictly within their statutory mandates while immediately eliminating overlapping application fees, redundant documentation, and conflicting regulatory requirements. Under the emerging framework, public institutions are required to adopt a “One Government” operational strategy, coordinating directly among themselves rather than shifting administrative burdens onto business applicants. Where regulatory mandates overlap across multiple agencies, the government will enforce a single lead agency, one streamlined application process, and a unified fee structure. The minister instructed agencies to conduct thorough economic impact assessments before introducing new regulations or policy shifts, while ensuring adequate public consultation with affected private sector stakeholders. He emphasized that reasonable notice periods must precede the implementation of major regulatory changes to maintain market predictability and investor confidence. On public finance management, Oyedele stressed that all legally due revenues must be remitted fully and promptly into the Consolidated Revenue Fund in strict compliance with statutory guidelines. He added that operating surpluses and audited financial accounts must be submitted regularly, warning that default will attract administrative sanctions. Going forward, public agency performance will be measured by service delivery speed, strict adherence to published processing timelines, and measurable reductions in the cost of doing business. The Ministry of Finance will review agency submissions within four to six weeks, providing specific feedback before finalizing binding, measurable commitments for periodic progress reviews. Oyedele confirmed that the reform framework applies equally to the Federal Ministry of Finance, pledging to dismantle internal bottlenecks including delayed fund releases, slow approval cycles, and outdated administrative rules. He noted that eliminating institutional bureaucracy remains essential for attracting private investment, expanding industrial capacity, and generating sustainable employment nationwide. By: Asiwaju Adekunle Saheed
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