The Lagos Chamber of Commerce and Industry (LCCI) had called on the Central Bank of Nigeria CBN to pay more attention on banks excess charges, liquidity managenent of the foreign exchange market, increased monitoring of banks for financial sector stability and efficient service delivery to banks customers.
The President, Lagos Chamber of Commerce and Industry, (LCCI) Mrs Nike Akande who made this in Lagos during Lagos International Trade Fair said that the apex bank has been able to manage a turbulent recessionary period that lasted between last year and first quarter of 2017.
She said that the LCCI celebrate the recent upward move in Nigeria external reserves to $ 34 billion as at October 3, 2017, pointing out that the reserve has suffered a deep decrease in the wake of the oil price crash at the inception of this administration in 2015.
She commended the Federal government’s approval of the secured Transactions in movable Assets Acts 2017 ( otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017 which are capable of boasting access to finance by Small and Medium Scale (SMEs) in Nigeria.
She said that the Lagos Chamber as part of advocacy mandate, is pushing for the cooperation of the private sector with government in advancing the push for industrialisation towards economic recovery, sustainable growth and development.
She said by design and conceptualisation, the 2017 Lagos international trade fair was specially packaged to meet the aspirations and interests of government agencies, regulatory agencies, foreign investors and bilateral trade agencies.
Speaking further, she said this platform offers great brand exposure for development of finance campaign across Nigeria and the sub Sahara Africa region.
She said that with theme of the trade fair, the Chamber is drawing attention to the need for consistency in the ongoing reform driven to achieve industrialisation, boost non oil export, attract foreign direct investment (FDIs) and create a more conducive business environment. She said that LCCI acknowledged the efforts of the government on the ease of doing business in Nigeria and the improvements of Nigeria’s budget grows by N7.101trn since 1999 – BudgiT data
Nigeria budget has grown by N7.101 trillion since 1999 when the country transformed from military rule to civilian government.
A data from BudgiT, a civic organisation showed that the country’s budget plan rose from N299 billion in 1999 to N7.4 trillion in 2017 financial year, representing a growth rate of 2,374.9 per cent.
The nation’s 2018 budget estimates which was presented before National Assembly by President Muhammadu Buhari, on Tuesday is still subject to consideration and approval by the law makers.
The data showed that Nigeria budget documents grew by N510 billion or 27.13 per cent from N1.88 trillion in 2006 to N2.39 trillion in 2007.
Under the current administration, the nation’s budget carterpult from N6.06 trillion in 2016 to N7.4 trillion in 2017 representing an increase of N1.34 trillion or 22.11 per cent.
The budget which has been on the increase indicated that if National Assembly approves the current year budget plans of N8.6 trillion presented by Mr President Buhari it means that budget rose by N2.54 trillion or 41.91 per cent from N6.06 trillion in 2016 to N8.6 trillion in 2018.
Commenting on the budget presented to NASS recently, the Chief Executive Officer, BudgIT, a civic organisation, Mr. Seun Onigbinde described Nigeria’s annual budget as a ‘contract vending machine,’ rather than a planning document.
Speaking at a forum organised by members of the Finance Correspondents Association of Nigeria (FICAN) on the theme ‘Meet-the-Executive’ he expressed concern over the poor state of budget implementation in Nigeria.
“Nigeria’s budget is a contract vending machine rather than a planning document. This is because a typical budget will first bring all the arms of government today and follow the goals of the ruling party.
“Then, everything you will see in the budget in terms of allocation will follow that pattern. But here, every arm wants to stuff things into the budget, so that its becomes a legal opportunity to procure.