The Director General of the Lagos Chamber of Commerce and Industry, Muda Yusuf, has called on Nigerians to also focus on the state and local government budgets.
He stated that the federal budget cannot solve all the problems rather a lot happens at the state level and the state budget is highly important as well as the local government budget.
Speaking as a guest on Channels Television Sunrise Daily, Mr Yusuf disclosed that the state budget has a bigger role to play in the areas of education, health, agricultural sector and infrastructure, noting that the state needs to be improved so as to have a better accountability at all level of government.
On the role of private investors, he challenged the government to create a more enabling environment for private investors to come in.
He noted that the role of the private sector and the private capital is very important to the economy, and the government cannot do much but with the help of private investors, the development of the nation will be rapid.
“It is important to create the environment for more private investment to come into this economy, whether domestic or foreign, that is what will make a sustainable and long lasting difference”.
On Capital budget which is 2.5 trillion, he mentioned that the budget cannot deliver to the best level and that the issue of the debt service component in the budget is disproportionate.
“When we talk about a 2.5 trillion naira capital budget, how much can that deliver? How many roads can that build? He further questioned if it can build the railways.
He added that the debt service is almost about 35% of the government revenue which is also not healthy and should be stopped.
Mr Yusuf said, “the debt service is clearly unsustainable and not something we can afford to continue”.