The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to put drastic economic measures in place, in order to help the country cushion the effect of falling crude oil prices. The chamber suggested further scrutiny in the way public funds are spent.

In a statement by its President, Alhaji Remi Bello, the LCCI commended the Federal Government for the fiscal and monetary policy measures taken so far to stabilise the macroeconomic conditions and minimise dislocations. It however asked that some very important additional measures be taken.

The chamber noted that there are several budget heads that need serious scrutiny, such as, consolidated revenue fund charges, service wide votes and presidential amnesty programmes.

According to Bello, others are: capital supplementation, debt service, refreshments and meals, foodstuffs and catering, honorarium and sitting allowance, welfare packages, as well as repairs and maintenance.

“All these budget heads have substantial amounts voted for them in the budget annually. Some of the provisions do not reflect the desired prudence in the management of public funds. Huge savings will be made if a proper scrutiny of these budget heads is made,” the LCCI president offered.

As bad as the current economic situation may be for Nigeria, Bello noted that some segments of the economy will profit.

“It is expected that fuel imports cost will drop. This should reduce the pressure of fuel subsidy payment on government. It is also expected that cost of diesel imports would reduce, depending on the degree of impact of the exchange rate on the imports,” he said.

The federal government had recently announced some austerity measures to as economic buffer, as global oil prices continue to fall. The measures were however targeted at civil servants, whose overseas travels for trainings was cut, and wealthy Nigerians, who will have to pay more tax on yatchs, private jets and luxury goods. The common man may also feel the measures as increment of Value Added Tax (VAT) has been hinted. No measure has really been directed at reducing government spending.

Bello however stressed that proper scrutiny of these budget heads will put Nigeria in a more secure place economically.

Source:http://www.informationng.com/2014/11/falling-oil-prices-lcci-advises-fg-to-cut-spending-on-refreshments-sitting-allowance-to-save-nigerias-economy.html

Hehehehehehe

Alhaji Remi Bello sef dey give advice, like say he nor dey chop from the mata

The people that would review it would not allow it to be implemented. Like seriously this is Nigeria, even when they are receiving all these benefits corruption and stealing still thrives amongst them. Now imagine if they remove them or reduce the benefits...

Hmmmm to b honest their refreshments alone can save a good number of Nigerians out of poverty..... n is not as if they use to take it so why not juz serve them pure water. instead they are thinking of reducing subsidy

Whosai? They'll still spend much than dat.Talk about owanbe

it true

Its high time the Federal Govt sit and think over the proper way to manage d public fund. They should remove unneccessary funds so as to use for relevant and more threatening issues...

Tell them

Abi dem dn hear ni?? U want mk pot belly cum down??

ALKARULEZ615:
.

you sees your life

Great Advice..
He whose house is on fire doesn't chase rats-African Proverb

Thieves.

Na so budget dey unaccounted for!

Dem take our moni chop gala and lacasera finish

I'm here to read comments

Instead na to increase tax dem go act upon and increase fuel pump price

A clueless government

If dem go hear

This is great

will they listen? Instead they want to fully remove subsidy...

Well not a bad idea. But how about the large lumps of salaries and allowances dat our SO CALLED leaders are taking home evry mont. We can result to drinking only water for all i care but we are unnecessarily spending money in d poltical sector. THAT IS WHAT NEEDS TO BE CHECKED.

This idea is better than saying they want to remove subsidy







President Jonathan is a Good Man, says Amaechi
Source: [url=https://www.google.com.ng/search?q=President+Jonathan+is+a+Good+Man%2C+says+Amaechi&oq=President+Jonathan+is+a+Good+Man%2C+says+Amaechi&aqs=chrome..69i57&sourceid=chrome&es_sm=0&ie=UTF-8#q=President+Jonathan+is+a+Good+Man%2C+says+Amaechi+e+reporter+news]http://www.e reporter.com.ng/index.php/political-news/item/1596-president-jonathan-is-a-good-man-says-amaechi[/url]

K

FG be like "you dey there dey hate me while i am making my money" "no come near me Mr talku talku" coz i no send you like Tuface

Alrite

Overall cost of governance should be cut down..

good news! but they are only trying to impress us, they only talk they never act as they say..... I refuse to be deceive

_

SilentCrescendo:


you sees your life

yes

I'll b bck

K

If they cut down on refreshments it still won't do much if they are still gonna embezzle. They want to save money? Let them stop stealing

TrishaP:
I'll b bck

.

I see.