Dike Onwuamaeze
The Lagos Chamber of Commerce and Industry (LCCI) has commended the federal government’s suspension of public-funded foreign trips and urged all stakeholders to support efforts aimed at fostering responsible fiscal management and driving inclusive growth in Nigeria.
The Director General of LCCI, Dr. Chinyere Almona, in statement yesterday, titled “LCCI Commends FG’s Stance on Cost of Governance,” noted that, “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.”
Almona, said considering the current economic challenges facing the 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.”
She added, “the 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 government at all levels and tiers should initiate similar actions to cut the cost of governance within their jurisdictions.”
The LCCI drew attention to the Abia State Governor, Dr. Alex Otti, who 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 as an action worthy of emulation by other states and the federal government.
It also urged the federal government and states to make public the amount of funds rescued from the 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.
“We also encourage fiscal transparency, including the exact figures allocated to statutory transfers in the government budgets and amounts allocated for constituency projects undertaken by legislators in the National Assembly.
“These disclosures can inspire citizens and companies to pay their taxes with a deep commitment to contributing to the commonwealth of our nation,” the LCCI said.
It also advised the government to deploy the rescued funds in projects that promote cost-efficiency and automation.
“One such strategic initiative could be the allocation of rescued funds towards the automation of virtual platforms within each ministry.
“This investment, by enabling remote training and participation in meetings, can significantly reduce the need for costly international travels.
“This shift towards virtual engagement not only reduces operational expenses but also enhances efficiency and productivity across government agencies.
“We believe in the potential of these initiatives to inspire and support a more cost-efficient and effective government,” LCCI said.
