- Sunday, May 19, 2024
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The Lagos Chamber of Commerce and Industry (LCCI) has
commended the recent actions taken by the Federal Government to cut the cost of
governance.
It particularly commended 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.
Its Director-General, Dr. Chinyere Almona in a statement
said the effective management of the nation’s resources will reflect on the
cost of governance which is a positive step towards a more economically stable
Nigeria.
Almona said 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 LCCI chief explained that 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.
She said: “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. 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.”
She urged the
Federal Government and States to make public the amount of funds rescued from these
cost-cutting initiatives.
According to her, the commitment to public
accountability will reassure citizens and companies, fostering a sense of trust
and confidence in the government's financial management.
She also encouraged 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.
In her words, these disclosures can inspire citizens and
companies to pay their taxes with a deep commitment to contributing to the
commonwealth of our nation.
Furthermore, the LCCI boss said they envision the
rescued funds to be invested in projects that promote cost-efficiency and
automation.
She advised that such strategic initiative could be the
allocation of rescued funds towards the automation of virtual platforms within
each ministry.
She said: “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.”
She hailed the government for this decisive action in
suspending public-funded foreign trips and urged all stakeholders to support
efforts aimed at fostering responsible fiscal management and driving inclusive
growth in Nigeria.
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