Cut unnecessary expenses to save economy, LCCI tells FG

THE Lagos Chamber of Commerce and Industr y ( LCCI), has urged the government to cut unnecessary expenses and reduce statutor expenditures, considering current economic hardship in the country, including soaring inflation and high living costs exacerbated by the removal of petrol subsidies and forex market crises.

Commending 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, LCCI’S Director- General, Dr Chinyere Almona, said these, if carried out truly , are a positive steps towards a more economically stable Nigeria. Almona said temporarily

yhalting public- funded foreign Deputy Governors Pension trips aligns with the urgent Repeal Law of 2024, stopping need to prioritise cost- sa ving the payment of pensions to measures without ex- governors and their compromising the deputies in the state. This effectiveness of governance. should be emulated by other Acknowledging the states and the Federal government’s concern about Government,” she said. the rising cost of travel borne She further urged the federal by ministries, departments and state governments to and agencies ( MDAS), the DG make public the amount of said after this suspension, the funds rescued from these costfederal government can now cutting initiatives. This redirect resources towards commitment to public more pressing priorities, accountability she said would including infrastructure reassure citizens and development, social welfare companies as well as foster a programs and economic sense of trust and confidence stimulus initiatives. in the government’s financial She urged governments at all management. levels to initiate similar “We also encourage fiscal actions to cut the cost of transparency, including the governan ce within their exact figures allocated to jurisdictions. “Abia State statutory transfers in the Governor, Dr . Alex Otti, government budgets and recently signed the Abia State amounts allocated for of Nigeria Governors and 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,” she said.

Almona said the rescued funds should be invested in projects that promote costefficiency and automation, such as implementing virtual platforms within each ministry. This investment, by enabling remote training and participation in meetings she said, can significantly reduce the need for costly international travel.

“This shift towards virtual engagement not only reduces operational expenses but also enhances efficiency and productivity across government agencies,” she concluded.