Experts charge FG on increased revenue, war on corruption

Experts in the financial sector have called on the Federal Government to focus on areas of boosting government revenue as a means of meeting the country’s infrastructural deficits and financial obligations.

This was made by stakeholders during the 2015 Distinguish Management Lecture of Institute of the Nigerian Institute of Management (NIM) held at Nigerian Institute of International Affairs (NIIA) on Friday.

According to the Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, in his presentation at the annual lecture on theme: Nigeria’s Post-Election Economic Realities, disclosed that it would be impossible for the present administration to achieve all its campaign promises against the backdrop of the continued revenue decline in the federation account.

He said, “Nigeria faces a paradox of having Africa’s biggest economy but not Africa’s biggest government revenue.

While Nigeria is about 155.4 percent of South African’s economy, the revenue generated by the Nigerians government is only about 79.5 per cent to the revenue generated by the South African government.

However the total revenue in the country’s federation account has been 12 percent of the Gross Domestic Product- GDP, compared to the minimum government revenue of 25 percent of GDP in African’s next five largest economies, which are South Africa, Egypt, Algeria and Morocco.”

He however noted that the government currently has less than half of the revenue required to deliver quality governance, which was responsible for the inefficiency of the country’s health, education, security and basic infrastructural services provided by the government.

He also lamented that the revenue leakages are some the bane of country’s revenue inadequacies.

According to the Economist, government must demonstrate conscious will in ending the scourge of crude theft, petroleum subsidy payment.

He also charged him to streamline tax and import duties waivers, amend existing laws to abolish the autonomy granted the revenue collecting agencies and create a single treasury account for all forms of government with all ministries, department and agencies in a single appropriation process to ensure adequate resources for good governance.

‘’The government must pull its weight as an independent attractor of foreign capital and also court investors more actively by liberalizing growth enabling sectors.

The new government must get out of the way doing business by making necessary arrangements to provide concrete assurances of stability and conscious of sensibility of inward investment to realities of pronouncement on fiscal state of the country,” Teriba noted.

He however urged the government to priorities realistic sectors including railway and road transport system.

Calling for urgent attention on the rail transportation, he implores the President to embark privately driven functional rail transportation system as a way of unleashing the country’s economic growth.

He challenged the government to master ways of making investor’s money work for the country.

Also speaking, Former Nigerian High Commissioner to the United Kingdom, Dr. Christopher Kolade, who was the moderator of the lecture, also urged the government to stimulate economic and social-political stability by ensuring that priority is given to political stability.

“Political stability is a practical approach urgently needed to solve all the current challenges facing the country.

The government should intensify its anti-corruption campaign by not giving presidential pardon to corrupt government officials that have milked the wealth of the nation. “

In his goodwill message, Dr. Nelson Uwaga, President, Nigerian Institute of Management, NIM, argued that despite the country’s reservoir of human capacity to solve its peculiar challenges, poor management of its resources has been the bane of the country’s development.

He noted that the challenges transcend government business to the private sector and up to the citizen’s lifestyle.

He however called for an urgent solution to its various management challenges that has continuously threatening its economy, infrastructure and ethical revolution.

He added that, it is incumbent on the nation to make the best of the opportunities offered through the new administration for benefit of the nation and its citizenry.

 He also called on other civil societies groups to join the new administration in ushering in a country of choice.