The Lagos Chamber of Commerce and Industry (LCCI), has urged the government to cut unnecessary expenses and reduce statutory 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 halting public-funded foreign trips aligns with the urgent need to prioritise cost-saving measures without compromising the effectiveness of governance.
  
Acknowledging the government’s concern about the rising cost of travel borne by ministries, departments and agencies (MDAs), the DG said after this suspension, the federal government can now redirect resources towards more pressing priorities, including infrastructure development, social welfare programs and economic stimulus initiatives.
   
She urged governments at all levels to initiate similar actions to cut the cost of governance within their jurisdictions. “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 should be emulated by other states and the Federal Government,” she said.
  
She further 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 said would reassure citizens and companies as well as foster 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,” she said.
   
Almona said the rescued funds should be invested in projects that promote cost-efficiency 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.