PHOTO: Buhari move to peg Board Meetings to Save N1 Billion Annually, to cut cost!
According to news report, the Federal
Government has pegged the frequency of meetings for part-time Chairmen and
members Committees, Boards of Statutory Corporations and Government-owned
companies from eight to four times annually, with savings of over N1 billion
per annum, in continuation of its cost cutting drive
The reduction in the frequency of meetings by such bodies
followed a review by the Unit and the discovery that the average annual
expenditure on honorarium and sitting allowances between 2012 and 2014 was
N12.8 billion.
The Efficiency Unit noted in its
recommendation to the Federal Government through the Office of the Secretary to
the Government of the Federation that: “While the new allowances per sitting of
N40, 000 to N150, 000 and N30, 000 to N120, 000 for Chairmen and Members
respectively appear reasonable, the increase in number of meetings from four to
eight was rather too high and doubled the cost of sitting allowances for the
government.
“A maximum of four meetings was
considered adequate for Boards, while other interactions can be conducted using
Information Communication Technology (ICT), which is cheaper and already tested
in Nigeria,” the Efficiency Unit explained.
Upon accepting the recommendation of the
Efficiency Unit to reduce the frequency of meetings by committees and boards of
parastatals and agencies, the Secretary to the Government of the Federation
recently issued a circular directing the implementation of the reduction of
meetings to four per annum, thus bringing standard, transparency and cost
cutting in the payment of sitting allowances.
The Efficiency Unit says it will
continue with its ongoing efforts and collaboration with the relevant
government offices in line with the resolve of the Minister of Finance to
remain committed to her cost-cutting initiative, which is one of the tools for
achieving fiscal prudence and releasing of funds for capital projects that will
support economic growth and improve the living standard of Nigerians.
source: channelsnews
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