1 week ago
22
ABUJA – In a bid to address revenue challenges, Hon. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy on Monday, charged stakeholders to aggressively explore non-oil sectors with strong potentials for revenue generation, job creation, and economic transformation.
The Minister gave the charge while welcoming participants to a Three-day 5th National Treasury Workshop, held in Abuja, an event which aims to tackle one of Nigeria’s most pressing economic issues: revenue challenges.
According to the Minister, the theme, “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives,” underscores the urgent need to rethink the nation’s revenue generation strategies, especially in light of the volatile nature of oil revenues which has long been the backbone of Nigeria’s economy but is recently facing a downturn.
Edun said that several critical areas have been identified as key drivers of growth, including:
Agriculture and Agro-Processing; Solid Minerals and Mining; Manufacturing and Industrialization; Tourism and Hospitality; The Digital Economy and ICT; and Tax Reforms and Compliance.
However, the Coordinating Minister of the Economy further noted that several challenges must be addressed to fully exploit these non-oil revenue sources, including: “Poor infrastructure and high cost of doing business; Bureaucratic bottlenecks and regulatory inefficiencies; Insecurity and its impact on investment confidence; and Low tax compliance and widespread revenue leakages.
To tackle these issues, he said the government is implementing reforms in public financial management, digitalizing revenue collection, and strengthening tax administration.
“The government is already taking bold steps to tackle these issues through reforms in public financial management, digitalization of revenue collection, and strengthening of tax administration. I am glad that key experts like both the Chairmen, FIRS and Presidential Committee on Fiscal Policy and Tax Reforms will be presenting papers at this forum. Let us all understand that, more needs to be done, and the insights gathered from this workshop will be instrumental in shaping further policy directions.
“To ensure the success of these initiatives, collaboration among all stakeholders is essential. The role of the private sector in complementing government efforts cannot be overemphasized. Accountability and transparency in public financial management remain paramount in building trust and attracting investment. The paper dwelling on PFM reforms and revenue allocation amongst the tiers of government should be properly digested to promote the key virtues of our reforms’ initiatives in this direction.
“I urge all participants to actively engage in discussions and contribute innovative solutions that will enhance revenue generation and prudent allocation of scarce resources to the various sectors” he said..
In her remarks, the Accountant-General of the Federation, Dr. Oluwatoyin Madein, noted that the workshop aims to bring together stakeholders to discuss critical issues affecting Nigeria’s economy, with a focus on exploring non-oil alternatives.
According to her, the three-day event promises to foster collaborations, knowledge sharing, and innovative thinking, adding that it will feature presentations, panel discussions, and networking sessions, providing a platform for experts to share insights and expertise.
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