The Lagos Chamber of Commerce and Industry (LCCI), has commended President Bola Tinubu’s recent decision to reduce the entourage size for both domestic and international travel by 60 percent.
The chamber also called for sanctions for non-compliance to ensure effective implementation.
The austerity measures extend to all federal ministries, departments, and agencies, as well as the offices of the President, Vice President, and the wives of both officials.
This move by the government is seen by the LCCI as a decisive step to curb excessive travel spending and align with the need for financial prudence in the management of public funds.
However, the LCCI said, “there might be resistance from some government officials accustomed to larger entourages, and enforcing compliance could face challenges.
“Therefore, clarification on the sanctions for non-compliance would be essential to ensure effective implementation.”
Chinyere Almona, LCCI’s director general said in a statement signed Wednesday, that the reduction in entourage size is a commendable step toward cost-cutting, and the exercise is expected to result in significant savings vis-à-vis estacodes and duty allowances.
“The LCCI is pleased that the government is heeding the incessant calls for the reduction of the cost of governance. More importantly, the President’s decision to lead by example via the implementation of these measures will set a precedent for government officials at various levels to follow suit, fostering a culture of fiscal responsibility and accountability,” Almona said.
The LCCI is of the view that President Tinubu has set the right tone at the top of a more prudent government and the organised private sector expects that the exemplary leadership cascades to all levels for it to have a significant impact across the board.
“Therefore, ministries, departments, and agencies need to adjust their bureaucratic operational procedures to accommodate the new limits,” the Chamber of Commerce said.
“It is also expected that this level of fiscal discipline will be implemented by State Governors, members of the National Assembly, and State House of Assemblies,” it added.
The President’s emphasis on aligning the prudence of government officials with that of Nigerian citizens is believed to reflect a commitment and priority for the well-being of the nation and its people, especially at a time when economic challenges require stringent fiscal measures.
“The LCCI commends the President for his commitment to financial prudence and encourages a transparent and accountable system of implementing the directives, with continuous engagement to address concerns that may arise during the adjustment period,” Almona said.
“The decision to align government spending with the realities faced by Nigerian citizens is a step in the right direction for sustainable economic management,” she added.