FG seeks collaboration with stakeholders to boost revenue mobilisation

The Federal Government has called for collaboration between the public and private sectors to boost the country’s revenue generation. This comes even as the government said it is now focusing on the non-oil sector as a way of diversifying the revenue base.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated these on Monday at the opening of the fifth edition of the National Treasury Workshop themed, ‘Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-oil Alternatives’ held in Abuja.

The minister said the workshop was not just an annual event, but also a strategic platform for fostering collaborations, exchange of ideas and expanding knowledge on growth and economic stability. He said the recent global shifts in energy policies, declining oil demand and fluctuating crude prices have jointly it abundantly clear any doubt that Nigeria 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,” he said.

The minister said 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 noted.

The minister noted that several non-oil sectors have demonstrated strong potential 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, digital economy and ICT, tax reforms and compliance,

“While the potential of non-oil revenue sources is evident, several challenges impede their full exploitation. Among these challenges are poor infrastructure and high cost of doing business, bureaucratic bottlenecks and regulatory inefficiencies, insecurity and its impact on investment confidence as well as low tax compliance and widespread revenue leakages,” he said.

He noted that the government is already taking bold steps to tackle these issues through reforms in public financial management, digitalisation of revenue collection and strengthening of tax administration.

“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 said.

In her welcome address, the Accountant General of the Federation, Dr Oluwatoyin Madein, said the theme of the workshop was very apt considering the state of the economy owing to a multiplicity of factors ranging from the exchange rate volatility, low revenue performance to rising costs. She said the factors have complicated fiscal operations in the last few years.

“We are all gathered here to brainstorm to come up with a robust and implementable communique capable of changing the current revenue challenges faced by the country,” she said while urging participants to contribute meaningfully to proffer far-reaching recommendations for policymakers.