…expresses concerns over transparent implementatoion of the strategies by Local and State Governments
The Lagos Chamber of Commerce and Industry (LCCI) has commended President Bola Tinubu on his second State of the Nation address, which outlined a plan to ease the cost of living for Nigerians.
The LCCI said the President’s address showed leadership, responsibility, and accountability, and that he demonstrated empathy as he unveiled a broad plan to ease the cost of living pains for Nigerians.
The Chamber also commended the President on the palliative plan to support businesses, the working class, and the most vulnerable, as well as a policy intervention to check rising inflation and ensure exchange rate stability.
However, the LCCI expressed concern about the role of the State and Local governments as well as transparency in the implementation of the palliative strategies. The Chamber urged the government to ensure smooth and promising implementation of the measures and regularly engage the citizens and the organized private sector to ensure accountability.
The Chamber also nudged the government to share in the sacrifice made by Nigerians by reducing the high cost of governance in all its tiers and ensuring fiscal leakages and corruption are strategically dealt with.
The LCCI said the security situation in the country has not been given sufficient attention in the President’s address. The Chamber called on the government to deal with the issue of insecurity because, without security, there can be no prosperity.
The LCCI also called on the government to track down and apprehend the culprits of oil theft. The Chamber said the fuel subsidy regime is sometimes described as a scam due to the opacity and lack of integrity of the arrangement, and it has indeed become a burden on the economy and a source of enrichment for a select group of individuals.
The LCCI urged Nigerians to exercise some patience, as emphasized by the President. The Chamber said the degradation of the economy has occurred over several decades and it cannot be reversed within a few short months. It would take a concerted effort by all and focus on the strategic alignment of our national goals for change to occur.
In conclusion, the LCCI welcomed the President’s State of the Nation address, but it also expressed concern about some of the issues that were not addressed. The Chamber urged the government to take steps to address these concerns in order to ensure the success of the palliative plan and the overall economic recovery.
