Otti Speaks – Nigeria’s cost of governance too high
According to him, he described the governance cost as the economic growth decelarator. Otiti was a former Governorship candidate under All Progressives Grand Alliance in Abia State in the year 2019.
Mr Alex Otti, who is also a former managing Director of the defunct Diamond Bank , shares his knowledge on the reasons behind Nigeria’s cost of governance .
He made the call in paper titled ‘Massive government, miserable populace: Cost of governance as economic growth decelerator’, presented at the 10th anniversary lecture of Adeleke University, Ede, Osun State.
Otti noted in the paper obtained by our correspondent on Wednesday that the government spent over 70 per cent of the budget on recurrent expenditure and less than 30 per cent on capital expenditure.
Otti noted that our brand of democracy in Nigeria is way too expensive compared to our colonial masters .
Otti pointed out that Nigerian senators earned about $450,000 per annum, over two and half times the $174,000 per annum that their counterparts earned in the United States of America.
He said, “From information available to the public, our federal legislators are amongst the highest paid in the world. Specifically, a study shows that they are the second to the highest earning worldwide.
“Meanwhile, there are three senators per state and one for Abuja, totalling 109. The 109 senators have a combined staff of 829 aides on payroll and a retinue of support staff who are also paid by the National Assembly.”
SOURCE : PUNCHNG