Oil Slump: Nigeria Moves to Cut Down on Cost of Governance

 Following the continued drop from oil revenue due to the fall in oil prices, the federal government of Nigeria -Federal Ministry of Finance, the commissioners of finance and accountants-general of the 36 states of the federation- have commenced moves to cut the cost of governance, Punch reports.

Nigeria has organized a three-day national treasury workshop, with the theme: ‘Optimum funds management in the midst of cash flow challenges’, called on states to align their spending with the austerity measures recently announced by the Federal Government.

Apart from the commissioners of finance, the workshop was attended by head of accounts of the Ministries, Departments and Agencies of the government and other relevant stakeholders in the finance and accounting subsectors of the nation’s economy.