Director-General, LCCI, Mr. Muda Yusuf
The Director -General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, has called for reduction in the amount allocated in the 2015 budget proposal to meals and refreshments for the offices of the President and the Vice President.
Yusuf said this in a telephone chat with our correspondent while reacting to the austerity measures put in place by the Federal Government to cushion the effect of global decline in oil prices.
The Federal Government has set aside N498.1m in the 2014 budget for foodstuffs, catering material supplies, canteen/kitchen equipment for the President while N37.2m was allocated to the Vice President’s office for the same purpose.
The LCCI boss is of the opinion that thE amount could be cut by half as part of measures to salvage the economy .
Earlier in a paper, the LCCI President, Mr. Remi Bello, had stated the implications of the oil slump and austerity measures on the nation’s economy.
Exploring the theme, ‘Oil price slump and austerity measures; business implications,’ the LCCI president had remarked that the fiscal and monetary policy measures put in place by the government were long overdue .
Bello noted measures like reduction in international travels and trainings by the Federal Government officials; tax on luxury items, review of oil price benchmark to $73 from $78 in the 2015 Medium Term Expenditure Framework; renewed commitment to fiscal prudence; upward review of revenue targets for Federal Inland Revenue Service and the Nigeria Customs Service were in order.
He also lauded the exclusion of luxury items like electronics, finished goods, generators, telecommunications equipment, etc from the official foreign exchange window.
He, however, noted that there were several budget heads that needed further examination to ensure transparency in the management of public finance. These, according to him, are consolidated revenue fund charges, service wide votes, presidential amnesty programmes, capital supplementation, honorarium and sitting allowance, welfare packages, etc.
Bello said, “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.”
Yusuf said this in a telephone chat with our correspondent while reacting to the austerity measures put in place by the Federal Government to cushion the effect of global decline in oil prices.
The Federal Government has set aside N498.1m in the 2014 budget for foodstuffs, catering material supplies, canteen/kitchen equipment for the President while N37.2m was allocated to the Vice President’s office for the same purpose.
The LCCI boss is of the opinion that thE amount could be cut by half as part of measures to salvage the economy .
Earlier in a paper, the LCCI President, Mr. Remi Bello, had stated the implications of the oil slump and austerity measures on the nation’s economy.
Exploring the theme, ‘Oil price slump and austerity measures; business implications,’ the LCCI president had remarked that the fiscal and monetary policy measures put in place by the government were long overdue .
Bello noted measures like reduction in international travels and trainings by the Federal Government officials; tax on luxury items, review of oil price benchmark to $73 from $78 in the 2015 Medium Term Expenditure Framework; renewed commitment to fiscal prudence; upward review of revenue targets for Federal Inland Revenue Service and the Nigeria Customs Service were in order.
He also lauded the exclusion of luxury items like electronics, finished goods, generators, telecommunications equipment, etc from the official foreign exchange window.
He, however, noted that there were several budget heads that needed further examination to ensure transparency in the management of public finance. These, according to him, are consolidated revenue fund charges, service wide votes, presidential amnesty programmes, capital supplementation, honorarium and sitting allowance, welfare packages, etc.
Bello said, “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.”
PUNCH.
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