6 days ago
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Coordinating Minister of the Economy and Minister of Finance Wale Edun has said the use of technology is the way to go if the country is to boost its revenue generation.
Speaking Monday in Abuja on the theme of the fifth National Treasury Workshop “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives”, Edun also said the use of technology will help address revenue leakages and waste in public finance.
Represented by the Permanent Secretary in the ministry, Lydia Shehu Jafiya, said this would help the country get value for its money.
He said: “When I looked at the provision of the 2025 budget, I saw that over N14 trillion was for debt servicing. There is nothing wrong with debt but we must generate revenue and the onus is on our non-oil revenue. For us to generate revenue, the only answer is the use of technology. Whatever we do, if we don’t invest in technology, leakages will surely come. If we are to get value for our money, then there is a need to employ technology.”
Edun listed challenges confronting the non-oil sector of the economy to include “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.”
Edun, however, said the government was already taking bold steps to tackle these issues through reforms in public financial management, digitalisation of revenue collection, and strengthening of tax administration.
The minister noted that several non-oil sectors had demonstrated strong potentials for revenue generation, job creation, and economic transformation.
“It is time to explore these aggressively. Let me highlight a few critical areas such as: Agriculture and Agro-Processing, Solid Minerals and Mining, Manufacturing and Industrialisation, Tourism and Hospitality, The Digital Economy and ICT, Tax Reforms and Compliance,” he said.
The minister said it was time for the country to rethink its revenue generation strategies, especially in the “light of the volatile nature of oil revenues which has long been the backbone of our economy but recently facing a downturn.”
He noted that “the recent global shifts in energy policies, declining oil demand and fluctuating crude prices have jointly made it abundantly clear that we cannot afford to be overly dependent on oil revenues.
“We must, therefore, embrace a diversified economic approach that taps into the immense potential of non-oil sectors such as agriculture, solid minerals, manufacturing, tourism, digital economy and creative industries.
“Nigeria is blessed with abundant natural and human resources that remain largely untapped. The question before us today is: how can we harness these resources effectively to drive sustainable economic growth and development? This workshop seeks to provide actionable answers to this question by fostering robust discussions among key stakeholders in the financial and economic landscape.”
He said stakeholder collaboration was needed to overcome these challenges that have weighed down the growth and development of the Nigerian economy.
“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,” he added.
…Accountant General’s remarks
In her opening remarks, the Accountant-General of the Federation, Oluwatoyin Madein, said “the workshop presents an opportunity for seasoned technocrats to rub minds on salient issues confronting the economy with a view to proffering workable solutions in order to move the country forward.
“The theme for this year’s edition is “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives”. This theme is considered very apt considering the state of the economy owing to a multiplicity of factors ranging from the exchange rate volatility, low revenue performance, rising costs, amongst others. These have complicated fiscal operations in the last few years.
“We are all gathered here to brainstorm on these papers to come up with a robust and implementable communiqué capable of changing the current revenue challenges faced by the country.
“To this end, I charge us all to contribute meaningfully so as to proffer far-reaching recommendations for policy makers, both at the federal and sub-national levels.”
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