Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to cut the cost of governance to demonstrate that the leaders also share in the suffering and sacrifice of the people.

President of LCCI, Dr. Michael Olawale-Cole, gave the charge, yesterday, in a statement on President Bola Ahmed Tinubu’s address on the state of the nation.

Olawale-Cole said the perks available to public office holders are so enormous that it is difficult for the average Nigerian to understand why they suffer so much and those in leadership are unaffected.

The LCCI President urged Tinubu to do the needful, as citizens expect further announcements on the measure to cut the cost of governance.

“As we commend the government’s courage in enacting a series of policies, we trust that the government would be courageous enough to cut the cost of governance. This will demonstrate to Nigerians that the leaders share in the suffering and sacrifice of the people,” he stated.

The chamber, which expressed concerns on the role of the state and local councils, as well as transparency in the implementation of the palliative strategies, urged them to invest in critical areas and revamp healthcare and educational infrastructure.

It also urged the Federal Government to ensure smooth and promising implementation of the measures and regularly engage the citizens and the organised private sector to ensure accountability.

Besides, it called for proper monitoring and evaluation of the implementation process to ensure the benefits get to the people.

LCCI also stressed on the plan to offer loans to 75 scalable enterprises with enormous prospects at nine per cent per annum, repayable over a maximum period of 60 months.

The chamber said the government would need to closely monitor the banking sector on the loan to 75 scalable enterprises with enormous prospects put at nine per cent yearly and repayable over a maximum period of 60 months.

Meanwhile, the chamber said oil theft must not be sidelined at this stage, as it has critical implications for the rule of law and the economic well-being of the nation.

It said this would demonstrate that there is a holistic effort to revamp the economy and chart a new path for Nigerians.

LCCI also urged the government to track down and apprehend the culprits of oil theft as this will act as a deterrent and communicate powerfully that crime must be punished.