FG orders MDAs to scrap overlapping regulatory fees

File photo: The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

The Federal Government has announced plans to eliminate multiple regulatory fees, overlapping responsibilities and bureaucratic procedures across Ministries, Departments and Agencies as part of efforts to reduce the cost of doing business and attract investment.

The government also plans to introduce measurable performance targets for MDAs, requiring agencies to improve service delivery, eliminate unnecessary administrative requirements and demonstrate greater accountability in their operations.

This was disclosed in a statement issued on Sunday by the Head of the Information and Public Relations Unit of the Federal Ministry of Finance, Efe Ovuakporie, following a strategic engagement on Thursday between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and heads of government agencies in Abuja.

According to the statement, Oyedele directed agencies to operate strictly within their statutory mandates and eliminate duplicate requirements, multiple fees and unnecessary procedures that impose additional costs on businesses.

“Where mandates overlap, he said, the goal should be one lead agency, one process and one fee,” the statement read.

The minister explained that the initiative would operate under a “One Government” framework, requiring MDAs to coordinate their activities rather than subject businesses and investors to conflicting regulatory demands.

He maintained that Nigeria’s economic reform agenda must move beyond macroeconomic stabilisation to address operational challenges confronting businesses in their interactions with government institutions.

Oyedele stressed that public agencies must facilitate business operations, investment and expansion rather than create additional obstacles through administrative inefficiencies.

As part of the proposed reforms, the minister directed agencies to consult relevant stakeholders before introducing new regulations and assess their potential economic implications.

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He also urged regulators to coordinate with other institutions and provide adequate notice before implementing major policy changes to minimise disruptions to businesses.

On public financial management, Oyedele directed agencies to ensure the prompt and complete remittance of government revenues, transfer operating surpluses to the Consolidated Revenue Fund and submit audited financial statements in accordance with existing laws.

The minister further disclosed that agency performance would be assessed using measurable indicators, including service delivery timelines, compliance with published processing periods and reductions in regulatory costs.

He acknowledged that the Ministry of Finance must also address its internal administrative challenges, including delayed approvals, slow fund releases and outdated operational regulations.

According to the statement, the ministry will review submissions received from participating agencies and communicate specific feedback within four to six weeks.

The ministry will then circulate a draft performance framework for further consultation, after which individual agencies will be required to agree on measurable commitments.

The ministry will subject these commitments to periodic reviews to determine compliance and assess improvements in service delivery.

The ministry explained that the initiative aimed to strengthen institutional accountability, improve regulatory coordination and create a more predictable business environment.

It added that reducing bureaucratic delays and regulatory costs would allow businesses to devote more resources to productive investment, expansion and job creation.