Sen. Jimoh Ibrahim (APC-Ondo) has urged President Bola Tinubu to create a Ministry of Revenue Generation toward improved revenue generation in the country.
Ibrahim, who represent Ondo- South at the National Assembly said this in a statement on Sunday in Abuja.
Ibrahim said the ministry would serve as coordinating platform for all revenue generating agencies in the country.
He said the ministry was indispensable for the nation to liberate itself from the current socio-economic challenges.
” There are many revenue generating agencies in Nigeria today without a coordinating body or platform.
“The Ministry of Finance is not giving the required mobilization and coordination in this regard , hence, the need for ministry of revenue.
“In Nigeria over the years , we have the ministry of finance more or less playing the role of Bursar disbursing all the monies remitted into national coffers by generating agencies .
”But there is no Treasurer to keep proper records of revenues generated by the various affected agencies and give them the required impetus to generate more,” he said.
Ibrahim added: ”Nigeria definitely needs a national treasurer to be symbolized by the federal ministry of revenue when created.
“The idea has been sold to President Bola Tinubu, given his antecedent and pedigree on improved revenue generation.”
Ibrahim said that the ministry of revenue would serve as one of the strategies to defray the nation’s debt profile by serving as window for improved revenue generation to fast-track development.
”The nation’s debt of N77trillion shouldn’t be a cause for worry considering the current debt to Gross Domestic Product(GDP) ratio of less than 31 per cent and it required innovative ideas of defraying it,” he said.
