The effort of the Federal Government over the years to fast-track its developmental plans and programmes devoid of bureaucratic bottlenecks informed the establishment of most of the existing Parastatals, Commissions and Agencies. Over time, with the increase in the number of parastatals their functions became overlapping and, in some cases, duplicated,
thereby increasing the cost of Governance. To check this, particularly in the context of the global economic downturn, the President, Dr. Goodluck Ebele Jonathan, GCFR, constituted a seven-man Committee on the Restructuring and Rationalization of Federal Government Parastatals, Commissions and Agencies on Thursday, 18th August, 2011.
The Committee was given eight weeks to complete its assignment with the following terms of reference:
i) “To study and review all previous reports/records on the restructuring of Federal Government Parastatals and advise on whether they are still relevant;
ii) “To examine the enabling Acts of all the Federal Agencies, Parastatals and Commissions and classify them into various sectors;
iii) “To examine critically, the mandates of the existing Federal Agencies, Parastatals and Commissions and determine areas of overlap or duplication of functions and make appropriate recommendations to either restructure, merge or scrap to eliminate such overlaps, duplication or redundancies; and
iv) “To advise on any other matter(s) that are incidental to the foregoing which may be relevant to the desire of Government to prune down the cost of governance.”