The Lagos Chamber of Commerce and Industry has commended the Federal Government for its 2025 budget tagged ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ but has stressed the importance of effective implementation.
In a statement signed by the LCCI Director-General, Dr. Chinyere Almona, the Chamber lauded the government’s focus on security, infrastructure, education, health, and agriculture, describing it as critical to achieving macroeconomic stability and inclusive growth.
“The 2024 budget implementation cycle’s extension to June 2025 must be closely monitored to prevent similar occurrences in the future, as this signals weak budget execution,” Almona said.
She called on the National Assembly to expedite debates on the 2025 Appropriation Bill, warning that delays might disrupt the January-December fiscal cycle.
The LCCI highlighted the ambitious revenue projection of N34.82tn, noting that improving Nigeria’s tax-to-Gross Domestic Product ratio is crucial.
“Nigeria has one of the lowest tax-to-GDP ratios globally,” Almona remarked as she advised the government to accelerate tax reforms, simplify processes, and incorporate the informal sector while leveraging technology to expand the tax net, minimise leakages, and foster transparency.
On debt servicing, which accounts for N15.81tn in the budget, the Chamber urged fiscal discipline and the prioritisation of high-impact, self-sustaining projects.
According to Almona, “Exploring alternative funding mechanisms such as public-private partnerships is critical to maintaining sustainable debt levels.
The LCCI also called for structural reforms to stabilise the exchange rate at N1,400/$1 and reduce inflation to 15 per cent.
It identified food and energy supply chain bottlenecks, local petroleum production projects, and alignment between monetary and fiscal policies as areas requiring urgent attention.
“Restoring confidence in the naira and easing inflationary pressures must be a top priority,” she stressed.
The LCCI DG highlighted the country’s oil production and stressed the need for decisive action against pipeline vandalism and theft to achieve the budget’s 2.06 million barrels daily target.
“A sound regulatory environment is key to boosting investments and activities in the oil and gas sector,” Almona added.
The Chamber commended the N4.91tn allocated to defence but urged the government to complement it with investments in intelligence, surveillance technology, and poverty reduction initiatives, noting, “Youth empowerment must be prioritised to tackle the root causes of insecurity and criminality.”
The statement also underscored the N4.06tn set aside for infrastructure and the significant allocations to education and health.
However, the LCCI emphasised that transparent project execution is crucial, stating, “The bold goals of halving inflation and stabilising foreign exchange depend entirely on robust policy implementation and coherence across government strategies.”
