Business
LCCI Seeks Clarification On Consolidated Revenue Charges
The Lagos Chamber of Commerce and Industry has asked the Federal Government to clarify the allocation of N1,081.2 billion as the Consolidated Revenue Fund Charges in the 2013 budget.
The Director General of the chamber Mr Muda Yusuf, made the comment in an interview with newsmen in Lagos.
The amount accounted for 22 per cent of the total expenditures in the budget proposal recently presented to the National Assembly by President Goodluck Jonathan.
He said that the consolidated fund also represented 70 per cent of the capital budget.
He gave the breakdown of consolidated charges figures to include Capital Supplementation – N621.2 billion, Service Wide Votes – N316.8 billion, Pension and Gratuities – N143.2 billion, totaling N1,081.2 billion.
Muda said that the Federal Government should explain these spending proposals “in order to situate them within the context of national priorities and the delivery of value to the citizens’’.
According to him, it is also important to clarify the institutions of government responsible for the management of those expenditure heads stressing that the integrity of the budget process is fundamental to fixing the economy, as the budget is a principal tool of value delivery to the citizens.
“The importance of transparency in the management of public funds cannot be overstated adding that given the experience with the management of pension funds, it is time to devolve the responsibility to the National Pension Commission.
“Lessons of the previous experience should guide us if we are truly committed to the transformation of the economy and our society,’’ Muda said.
According to him, the explanation is important following the release of the budget appropriation details by the budget office, which did not give details on the consolidated revenue fund charges.
“There is a need for further clarifications on aspects of the budget, especially the classification of budget heads and the integrity of some of the numbers stating that beyond the allocations to the Ministries, Departments and Agencies (MDAs), there are other expenditure headings with substantial allocations that require explanation in line with democratic ideals. The LCCI chief urged the National Assembly to scrutinise the integrity of the figures and the entire structure of the expenditure plans across the MDAs. “The management of the nation’s finances should reflect the mood and conditions of the citizens.
“These are austere times for many citizens and the perpetuation of the culture of profligacy will further hurt the sensibilities of the people,’’ he said.