LCCI tasks government on regulation, revenue generation overlap

With a few fiscal policy options available to the Federal Government for intervention in the real sector, the Lagos Chamber of Commerce and Industry (LCCI), has urged Federal and State governments to address the overlapping functions of regulation and revenue generation among regulatory agencies for private sector development.
 
Indeed, the Chamber reiterated that businesses were generally grappling with challenges of infrastructural deficiencies and macroeconomic shocks.

It maintained that presently, most investors were saddled with huge cost for the provision of electricity, access road, security and other industry-specific facilities in the midst of poor access to affordable credit, multiple taxation and high exchange rate.

He said: “Governance issues need to be addressed, as many agencies hardly make full remittance to the government coffers. The private sector has become a target for regulatory agencies, despite not adding any value to the sector.
  
“Constant imposition of levies and approval of licences are taking a toll on the private sector. There should be a distinction between regulatory agencies and revenue generating agencies.”
  
Citing some of the regulatory actions frustrating the Federal Government’s ease of doing business mandate, the LCCI at a recent regulatory environment roundtable in Lagos, said the business community was still faced with high regulatory compliance costs, lack of clarity in regulatory requirements, and overlapping regulatory functions, among others.
  
LCCI President, Mrs. Toki Mabogunje, unveiled the report on, “Transactional Accountability, Process Consistency and Operational Transparency,” of some regulatory agencies, during a recent virtual Public-Private Dialogue. The meeting, organised by the LCCI in partnership with CBI and the CIPE, aimed to foster effective regulatory support that could spur businesses to thrive in the Nigerian operating environment.