To increase income generation in the nation, Sen. Jimoh Ibrahim (APC-Ondo) has urged President Bola Tinubu to establish a Ministry of income Generation.
Ibrahim, the National Assembly representative for Ondo-South, made this statement on Sunday in Abuja.
Ibrahim stated that the ministry would act as a forum for coordination of all revenue-generating organisations in the nation.
He claimed that the ministry was essential for the country to overcome its current socioeconomic problems.
“Today, Nigeria is home to several revenue-generating organisations that lack a platform or coordinating organisation.
“The Ministry of Revenue is necessary since the Ministry of Finance is not providing the necessary mobilisation and coordination in this regard.
In Nigeria, the ministry of finance has long served as the bursar, distributing all funds that are deposited by generating agencies into the national treasury.
However, he added, “There is no Treasurer to maintain accurate records of the revenues generated by the various affected agencies and provide them with the necessary encouragement to generate more.”
“Nigeria definitely needs a national treasurer, who should be represented by the federal ministry of revenue when it is established,” Ibrahim continued.
Due to President Bola Tinubu’s interest in and track record in enhanced revenue generation, the proposal has been pitched to him.
By acting as a conduit for increased revenue production to accelerate development, the ministry of revenue, according to Ibrahim, will be one of the techniques used to lower the country’s debt profile.
“Given the current debt to GDP ratio of less than 31%, the nation’s N77 trillion in debt shouldn’t be a source of concern,” he added. “Innovative ideas are needed to pay it off.”
