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.
LCCI Director General, Dr Chinyere Almona, made the commendation in a statement on Monday in Lagos.
Almona said government’s decision to reduce the number of public officials on foreign trips and its recent directive to suspend all public-funded foreign trips for government officials, effective April 1, 2024 was highly commendable.
These measures, she stated, by effectively managing the cost of governance, were positive steps toward a more economically stable Nigeria.
She added that by the suspension, government could redirect valuable resources toward more pressing priorities, including infrastructure development, social welfare programs, and economic stimulus initiatives.
“Considering the current economic challenges facing our nation, 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 prioritise cost-saving measures without compromising the effectiveness of governance,” she said.
Almona urged government at all levels and tiers to initiate similar actions to cut the cost of governance within their jurisdictions.
She recalled that Abia State Governor, Dr Alex Otti, recently signed the Abia State of Nigeria Governors and Deputy Governors Pension Repeal Law of 2024.
This law stops the payment of pensions to ex-governors and their deputies in the State.
According to Almona, the action is worth emulation by other states and the Federal Government.
She urged the federal and state governments to make public the amount of funds rescued from these cost-cutting initiatives.
This commitment to public accountability, she stated, would 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.
“Looking ahead, we envision the rescued funds being invested 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,” she said. (NAN)
