Vice President Dr. Mahamudu Bawumia has emphasized the importance of combating fiscal indiscipline to prevent macroeconomic instability.

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During his address to the nation on Wednesday, February 7, 2024, he outlined a series of measures that his government would implement to achieve this goal.

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Among these measures, Dr. Bawumia highlighted plans to amend the Fiscal Responsibility Act and collaborate with the private sector to finance projects. These steps aim to tighten government spending and promote fiscal discipline, ultimately safeguarding the country's economic stability.

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He noted that his government would stop purchasing vehicles and would rather lease them.

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"The government will move towards leasing rather than purchasing vehicles, printing equipment, etc," he said.

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He noted that his administration will incentivize the private sector to build roads, schools, hostels, and houses for government to rent or lease to own.

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He continued, "The demand for road construction is massive and this has historically placed a huge burden on the budget."

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"I believe that the private sector should finance the construction and maintenance of roads through PPP concession arrangements. Also, the government will move towards leasing rather than purchasing vehicles, printing equipment, etc. The private sector will have the responsibility for maintaining the equipment."

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"With this approach, the budget can save very significant outright cash expenditure annually from various items across different Ministries, Departments and Agencies. This policy will energise the private sector and create many jobs."

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