Generate more funds to boost Nigeria’s revenue base, DG urges federal agencies

By Ige Adekunle
Sango-Ota (Ogun), March 20, 2020 (NAN) The Director-General, Budget Office of the Federation, Mr Ben Akabueze, has advised Federal Government agencies to intensify efforts in generating more funds to boost the country’s revenue base, in the face of dwindling oil price in the international market.
Akabueze, represented by his Technical Adviser, Prof. Olumide Ayodele, gave the advice at the 2020 National Budget Roundable and Panel Discussion, organised by the Centre for Economic Policy and Development (CEPDeR), Covenant University, Ota, on Friday.
The News Agency of Nigeria (NAN) reports that the roundtable had, as its theme: “The Art of National Building and Nigeria’s Debt Profile: Sectoral and Demographic Implications.”
He said that effective remittance and improving funds generation by the agencies would help the Federal Government to achieve stable macroeconomic environment and industrialization, even in the phase of COVID-19 pandemic.
“The roundtable is timely: to manage the fiscal pressure associated with COVID-19 currently being experienced across the world.”
Akabueze said that lower domestic income and consumption as well as fall in foreign trade were some of the negative impacts of the Coronavirus outbreak.
He noted that the benchmark of oil prices that was initially put at 57dollar in nation’s annual budget had been reduced to 30 dollars.
Akabueze also said that the Federal Government had lost N15 trillion to oil theft, a situation which, he said, had reduced the country’s revenue base and affected critical infrastructure in the country.
“There is the need for serious diversification of the economy and improved revenue generation in order to finance the deficit budget of the country,” he said.
The Vice-Chancellor of Covenant University, Prof. Aaron Atayero, said that the continued dependence on oil as the mainstay of the nation’s economy has been a source of concern for several decades.
Atayero, represented by the Deputy Vice Chancellor of the institution, Prof. Akin Willlams, further said that increase in government’s debt profile at both federal and state levels, had remained worrisome.
The don urged the Federal Government to redouble its efforts in diversifying the economy so as to check the current debt problem.
“The increase in Nigeria’s debt has heightened the fiscal burden in an already fiscally and growth-constrained environment and this raises important concerns regarding the sustainability of external debts.” he said.
The Director, Economic and Statistics, Manufacturers’ Association of Nigeria (MAN), Mr Oluwasegun Osidipe, commended the Federal Government for early passage of 2020 budget.
He also applauded the Federal Government for provision of funds for critical infrastructure in the budget, calling for effective implementation of the budget.
He advised the Federal Government to focus more on micro, small and medium enterprises (SMEs) in order to achieve sustainable economic growth. (NAN)
IGE/WAS
Edited by ‘Wale Sadeeq