The Lagos Chamber of Commerce and Industry (LCCI) has commended the recent actions taken by the Federal Government to cut the cost of governance in Nigeria.
However, in a statement made available to Vanguard yesterday, Director General of LCCI, Dr Chinyere Almona, charged the government to publicise amount of funds recouped from all cost-cutting initiatives and redirect resources saved towards more pressing priorities.
Almona stated: “We particularly commend the government’s decision to reduce the number of public officials on foreign trips and the recent directive to suspend all public-funded foreign trips for government officials, effective April 1, 2024. These measures, by effectively managing the cost of governance, are a positive step towards a more economically stable Nigeria.
“Considering the current economic challenges facing our nation, including soaring inflation and high living costs exacerbated by the removal of petrol subsidies and forex market crises, the government must take decisive action to cut unnecessary expenses and even reduce statutory expenditures, where possible. The decision to temporarily halt public-funded foreign trips aligns with the urgent need to prioritize cost-saving measures without compromising the effectiveness of governance.”
“LCCI acknowledges the government’s concern about the rising cost of travel borne by government’s Ministries, Departments, and Agencies (MDAs).
“By this suspension, the government can redirect valuable resources towards more pressing priorities, including infrastructure development, social welfare programs, and economic stimulus initiatives.”
The Chamber challenged governments at all levels to take similar actions aimed at cutting the cost of governance.
“The governments at all levels and tiers should initiate similar actions to cut the cost of governance within their jurisdictions. For instance, the Abia State Governor, Dr. Alex Otti, recently signed the Abia State of Nigeria Governors and Deputy Governors Pension Repeal Law of 2024, stopping the payment of pensions to ex-governors and their deputies in the State. This action is worth emulation by other states and the Federal Government.
“We strongly urge the Federal Government and States to make public the amount of funds rescued from these cost-cutting initiatives. This commitment to public accountability will reassure citizens and companies, fostering a sense of trust and confidence in the government’s financial management.”
