FG to Boost Non-Oil Revenue, Tackles Leakages and Waste
By Patience Ikpeme
The federal government has called on non-oil revenue agencies to strengthen their revenue generation efforts, emphasizing the need to deploy technology in blocking financial leakages and waste.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, gave this directive on Monday in Abuja at the 5th National Treasury Workshop, organized by the Office of the Accountant General of the Federation. The event focused on addressing Nigeria’s revenue challenges and exploring non-oil alternatives.
Edun, represented by the Permanent Secretary in the Ministry of Finance, Lydia Jafiya Shehu, stated that the 2024 budget includes N14 trillion for debt servicing, stressing that the real concern is how to generate enough revenue.
“The responsibility lies with non-oil revenue agencies. To meet our targets, we must adopt information technology tools to eliminate leakages and waste,” he said.
The Minister outlined several non-oil sectors with high revenue potential, including agriculture, mining, manufacturing, tourism, the digital economy, and tax reforms. He urged stakeholders to maximize these opportunities to boost economic growth.
Edun acknowledged challenges affecting non-oil revenue generation, such as poor infrastructure, high business costs, regulatory inefficiencies, and low tax compliance. He assured that the government is addressing these issues through financial reforms, digitalization of revenue collection, and improved tax administration.
He emphasized the need for Nigeria to reduce reliance on oil revenue, citing global energy policy shifts, fluctuating crude prices, and declining demand for oil.
“Our economy must embrace diversification by tapping into the vast potential of non-oil sectors,” he said, adding that expert discussions at the workshop would help shape future policy decisions.
Earlier in her remarks, the Accountant General of the Federation, Dr. Oluwatoyin Sikirat Madein, described the National Treasury Workshop as a vital platform where experts discuss economic challenges and propose solutions.
She noted that the last edition took place in November 2021 in Uyo, Akwa Ibom State, focusing on the impact of COVID-19 on Nigeria’s treasury.
With the government’s renewed focus on non-oil revenue, stakeholders are expected to play a crucial role in driving economic growth and reducing Nigeria’s dependence on oil.
