By: Tijani Salako

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to strengthen fiscal discipline, improve budget implementation, and channel oil revenue windfalls into long-term investments to stabilise Nigeria’s economy.

Speaking at its second quarterly press conference on Thursday, LCCI President, Engr. Leye Kupoluyi, said while global crude oil prices have surged above budget benchmarks, Nigeria risks repeating past mistakes if excess revenues are not prudently managed.

The Chamber recommended that oil windfalls be invested in the Sovereign Wealth Fund, critical infrastructure, and economic diversification initiatives, rather than recurrent expenditure.

LCCI also raised concerns over the 2026 budget, pegged at N68.32 trillion, noting weak execution, delayed capital releases, and a rollover of unimplemented projects. It stressed the need for a disciplined budget process, transparency in debt management, and stronger monitoring mechanisms to ensure measurable outcomes.

On debt sustainability, the Chamber noted that Nigeria’s public debt rose to N159.28 trillion as of December 2025, warning that while the debt-to-GDP ratio remains moderate, debt servicing pressures are mounting.

The Chamber further called for improved coordination between fiscal and monetary authorities to sustain gains in the foreign exchange market and ensure macroeconomic stability.

It also urged reforms in trade facilitation, including full implementation of the National Single Window, reduction in port bottlenecks, and harmonisation of tariff regimes to improve ease of doing business.