Boko addressed SOEs chief executive officers and their board chairpersons yesterday where he spoke about the need to merge some entities to enhance effectiveness and cost cutting. This come against a backdrop of talks of a merger between the BNSC and the local Olympic body, the BNOC. The BNSC is heavily reliant on funding from the government. "Now is the time for deep reflection and reappraisal. Now is the time for solemn intensity. Has your entity lived up to its billing? What justifies its continued existence. This question requires honest answers not fudges and evasions. Are there overlapping mandates or just zones of intersection? What is the degree of overlap, if any exists at all?" Boko asked. "In the face of a stagnant economy of little to no growth, an economy that is undiversified, of insufficient job creation, negative net exports, endemic poverty and other challenges, we must seek an approach that fosters global competitiveness and promotes a business environment that is flexible and adaptive," he added.
The President also said while his government will focus on realigning SOEs, it will do so with caution. "We shall undertake a reorganisation of many of our institutions. We shall do so not recklessly or haphazardly. We will not base our actions and interventions on conjecture or anecdotal evidence. We will not pander to popular sentiment. We will not follow the route of political expediency to undo and repair damage done to our institutions, our psyche and body politic over decades cannot be accomplished in an instant. It requires sustained and principled effort. We must focus on what is right and not what is easy and convenient," Boko said. He said a rigorous analysis of SOEs will be done to determine the correct action to take. "Most of our SOEs have underperformed. They have been and continue to be a drain on the fiscus and a burden on government. This state of affairs is unacceptable and unsustainable. Many SOEs are plagued by governance issues.," the President said.
