The Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, has warned the current cost of governance is not only unsustainable, but would retard the economic development of the country.

L-R Ms. Oladunni Ogunsulire, FCIS, Head of Secretariat, ICSAN, Mrs. Uto Ukpanah, FCIS, Vice President, ICSAN, Mrs. Funmi Ekundayo, FCIS, President and Chairman of Council, ICSAN, Mr. Francis Olawale, FCIS, Honorary Treasurer, ICSAN, Mrs. Nkechi Onyenso, FCIS, Chairman, Publicity and Advocacy Committee, ICSAN during the Presidential Press Parley held in Lagos.

It calls on the Federal Government through President Bola Tinubu and the National Assembly to muster the political will in eradicating excesses, duplications and wastage.

Its President and Council Chairman, Funmilayo Ekundayo said this during the Institute Presidential Press Parley, harping on need to address those factors escalating the cost of governance in the country.

According to Ekundayo, high cost of governance hinders development in Nigeria, saying the effects must be critically and urgently addressed.

She identified the factors to include massive salaries and allowances of public office holders, who are not more than five percent of the population, but control and appropriate up to eighty per cent of public funds as stipend and overhead.

Ekundayo, a Corporate Governance Practitioners Expert recommended that Ministerial Departments and Agencies of Government performing similar functions should be merged to save extra budgetary allocations.

According to her, there should be resizing of cabinet to a reasonable number; need to adopt cost-effective governance practices and deliberate efforts by government to implement cost-reduction measures by rejigging governance architectures.

In her words, the cost of governance remains one of the “sticky areas of the nations democratic experiment, recommending movement of staff from areas of redundancy to those of need, automation of payment to plug leakages, devolution of powers, pruning of legislators, sustained political will and others to address the menace.

On Forex; Ekundayo who is the First Lady President called on the Central Bank of Nigeria to urgently lift foreign exchange restrictions on the importation of products to enhance the consistency of the liberalisation of the market.

She also alerted a further rise in the inflation rate due to floating of naira and premium motor spirit subsidy removal, saying the country’s economy remained weak and fragile following the growth recorded in the first quarter of the year.

According to her, growth in the manufacturing sector remained subdued due to high inflation, continuous rise in interest rate, forex scarcity, high energy costs, due to subsidy removal and rising electricity tariff, and weakening purchasing power which could weigh further on the growth prospects of the sector.

She said the federal government needs to focus on addressing the security challenges plaguing the business community and negatively affecting investment inflows, sustain targeted interventions in critical sectors like agriculture, manufacturing and export infrastructure; tackle oil theft to boost oil exports and earn more foreign exchange.

Ekundayo advocated that more policy reforms should be embarked upon by the government to improve the business environment, boost investor confidence, stimulate economic growth, create more employment and alleviate poverty.

Speaking on her plan for the ICSAN, Ekundayo promised to focus on the narrative of the institute of being at the forefront of good corporate governance.

She promised to deepen the relationship with relevant public and private sector players, including not-for-profit organisations and take corporate governance across the board.

Ekundayo maintained that activities would include building and strengthening membership skills, as well as collaborating with critical stakeholders towards creating value in the corporate governance space and society.

She also promised to build collaborations and partnerships with other professional bodies and organisations to promote best practices and standards in governance and corporate administration.

This, she said, would include working with regulatory bodies, academic institutions, and other professional associations to develop joint programs, share knowledge and expertise, and enhance the reputation and visibility of the profession.

The twenty-ninth ICSAN President pledged that her leadership would align with ICSAN’s ideals of promoting and advancing the efficient administration of commerce and industry in the public and private sector by developing the study and practice of corporate and public governance administration, especially in the emerging corporate Nigeria.

Ekundayo who is the first female to lead the institute, disclosed that her leadership would promote professional development and education of members while exploiting technology and innovation to enhance the efficiency and effectiveness of the profession.

She reiterated the institute’s commitment to continue advocacy programmes to drive inclusive economic growth and development, saying the edge the institute has is that corporate governance cuts across all aspects of an organisation, so, we are able to impact the nation across the board.