A former Central Bank of Nigeria (CBN) director, Dr. Titus Okunrounmu, has called on the Federal Government to strategically reduce governance costs in 2025. Speaking to the News Agency of Nigeria in Ota, Ogun State, on Monday, Okunrounmu attributed rising recurrent expenditures to the high cost of governance, noting that debt servicing increased from ₦9.8 trillion in 2023 to ₦12.1 trillion in 2024.

He advised the government to prioritize borrowing for capital expenditures, ensuring repayment through proceeds from funded projects.

Okunrounmu also lauded the resumption of production at the Port Harcourt refinery, describing it as a significant boost to Nigeria’s economy. He highlighted the potential for reduced crude oil exports and increased refined product exports to West African countries, generating additional revenue.

Additionally, he urged the Nigerian National Petroleum Company Limited (NNPCL) to implement regular maintenance of refineries to ensure optimal production and service delivery.