Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has urged the Federal Government to show fiscal discipline in managing the proposed N15.81 trillion debt servicing allocation.

Commending FG’s plan as presented through the 2025 budget, Almona said urgent attention is needed in security, infrastructure, education, health and a
griculture with a focus on achieving macroeconomic stability and inclusive growth.

Beyond the figures and assumptions, she said the 2024 budget implementation cycle extension to June 2025 should be closely watched to prevent weak execution.

“While we call on the National Assembly to expedite action on the appropriation debates, we are concerned that much-needed scrutiny and consultations on the budget may not be possible if the January-December budget cycle is to be maintained. Avoidable delays in budget preparation and approvals may stress the 2025 budget implementation expected to start in January,” she said.

To meet the ambitious ₦36.35 trillion revenue projection, she called for urgency of improving Nigeria’s tax-to-GDP ratio, one of the lowest globally. Accelerating tax reforms, simplifying processes and incorporating the informal sector are essential, she added.

“Leveraging technology to expand the tax net, minimise leakages and embracing transparency will be critical. Prioritising high-impact, self-sustaining projects and exploring alternative funding mechanisms, such as public-private partnerships, are crucial to keeping debts within sustainable limits,” she stated.

She added that structural reforms are indispensable to reducing inflation to the projected 15 per cent and stabilising the exchange rate at N1,500/$1.
The DG said eliminating food and energy supply chain bottlenecks, fast-tracking local petroleum production projects and fostering alignment between monetary and fiscal policies would restore confidence in the naira and ease inflationary pressures.

“Achieving the ambitious oil production target of 2.06 million barrels daily requires decisive action to resolve pipeline vandalism, theft and underinvestment. Across the three streams of operations in the oil and gas industry, a sound regulatory environment can boost activities and investments in the short term,” she stressed.

Stressing that the allocation of N4.91 trillion for defence is commendable compared to previous allocations, she said the funding must be complemented with enhanced intelligence, surveillance technology and investment in poverty reduction and youth empowerment both of which are fundamentals of security.

“The N4.06 trillion earmarked for infrastructure and significant allocations for education and health call for swift and transparent project execution. While the budget outlines bold goals, such as halving inflation and stabilising foreign exchange, these aspirations hinge on robust policy implementation, sustained execution and coherence across government strategies,” she reiterated.