FG seeks collaboration with stakeholders in revenue mobilisation

The Federal Government has called for collaboration between the public and private sectors to boost the country’s revenue generation.

This is even as it also said it is now focusing on the non-oil sector as a way of diversifying revenue generation from oil.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated this on Monday at the opening of the fifth edition of the National Treasury Workshop with the theme, “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives,” held in Abuja.

The minister said the workshop is not just an annual event but a strategic platform for fostering collaboration, exchanging ideas, and expanding knowledge on key strategies for the growth and stability of the economy through enhanced revenue performance and management.

He said the recent global shifts in energy policies, declining oil demand, and fluctuating crude prices have jointly made it abundantly clear that Nigeria cannot afford to be overly dependent on oil revenues.

He said, “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, the digital economy, and creative industries.”

He 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 said.

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 Industrialization, Tourism and Hospitality, the Digital Economy and ICT, Tax Reforms and Compliance, etc.,” he said.

“While the potential of non-oil revenue sources is evident, several challenges impede their full exploitation.

“Among these challenges are poor infrastructure and the 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.

“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.”

He said that the success of these initiatives hinges on collaboration among all stakeholders.

“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.

Earlier in her welcome address, the Accountant-General of the Federation, Dr. (Mrs.) Oluwatoyin Madein, said the theme of the workshop is very apt, considering the state of the economy owing to a multiplicity of factors ranging from exchange rate volatility, low revenue performance, and rising costs, among others.

She said these factors have complicated fiscal operations in the last few years.

“We are all gathered here to brainstorm and come up with a robust and implementable communiqué 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, both at the federal and sub-national levels.

Though the National Treasury Workshop is meant to be an annual event, the last time it was held was in November 2021 in Uyo, Akwa Ibom State.

Among the papers to be presented at the workshop are Nigeria’s Revenue Challenges and the Urgency for Economic Diversification; Tax Reform and Revenue Mobilization: Expanding Nigeria’s Tax Base and Tax Net; Diversifying Nigeria’s Economy through Effective Budgeting: Maximizing the Non-Oil Sectors for Sustainable Growth and Development; Rethinking Nigeria’s Revenue Allocation Formula: Implications for Fiscal Federalism and Subnational Development; and Recent Updates on PFM Reforms and Their Impact on Fiscal Management: IPSAS, TSA, and the Cash Management Revolution.