Meanwhile, the Lagos Chamber of Commerce and Industry, LCCI, and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture have urged the National Assembly to critically review the 2023 Appropriation Bill in order to weed out unnecessary allocations contained therein.
In a statement signed by its Director-General, Dr. Chinyere Almona, the LCCI said it was not too late to use equity to fund the 2023 deficit proposal.
According to the statement, Nigeria’s approach should not be to continue issuing only debt, especially with the increasingly unbearable burden of interest payments that exposed the country’s fiscal vulnerability.
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The LCCI also noted that the overall spending proposal of N20.51 trillion reduced to a non- debt spending proposal of N14.21 trillion once the proposed N6.3 trillion interest payments from the overall spending plan were deducted.
