Ahead of Cabinet formation with the assignment of portfolios to the 48 Ministerial nominees awaiting Senate confirmations, strong advice for the creation of the Ministry of Revenue, has been made to President Bola Tinubu.
According to Punch, this counsel advocates for the establishment of a Ministry of Revenue, a recommendation presented by Senator Jimoh Ibrahim (APC Ondo South) during his recent courtesy visit to the President. In a statement released on Sunday, Senator Ibrahim detailed the pressing rationale for the creation of this new ministry in Nigeria.
Senator Ibrahim emphasized that the Ministry of Revenue would serve as a central coordinating body for all revenue-generating agencies, a necessary step to address the nation’s ongoing socio-economic challenges. Currently, the country lacks a comprehensive platform for managing revenue agencies, as the Ministry of Finance primarily performs disbursement functions, akin to a bursar, without effectively monitoring and boosting revenue generation.
Drawing an analogy, Senator Ibrahim underscored that Nigeria requires a “national treasurer,” symbolized by the Federal Ministry of Revenue, to meticulously record revenues from various agencies and provide the impetus for enhanced generation.
He highlighted that President Bola Tinubu has already embraced this idea, recognizing its alignment with his track record of enhancing revenue generation. Additionally, Senator Ibrahim proposed that the Ministry of Revenue, when established, could play a crucial role in alleting the nation’s debt burden, acting as a conduit for improved revenue generation to expedite national development.
Despite the national debt amounting to N77 trillion, Senator Ibrahim stressed that the concern is mitigated by the current debt-to-Gross Domestic Product ratio of under 31 percent. He emphasized the need for innovative strategies to address the debt and spur economic growth.
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