• Tuesday, July 23, 2024
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Jimoh advocates creation of revenue ministry

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Jimoh Ibrahim, a senator representing Ondo South, has advocated that President Bola Tinubu creates a revenue ministry ahead of his cabinet formation.

Tinubu is expected to form his cabinet any time from now, after all 48 ministerial nominees have been screened by the Senate.

Ibrahim made the demand when he paid a courtesy visit to President Tinubu in Abuja. In a statement made available to newsmen on Sunday, the senator argued that the ministry was necessary to enable Nigeria to overcome its current socio-economic quagmire.

He noted the urgent need for the ministry which he said would serve as a coordinating platform for all revenue-generating agencies.

He explained that the ministry when created, would serve as one of the strategies for the nation’s debt could be defrayed because it would help to shore revenue.

“The nation’s debts of N77trn shouldn’t be a cause for worry considering the current debt to Gross Domestic Product ratio of less than 31 percent and required innovative ideas of defraying it.

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“There are many revenue-generating agencies in Nigeria today without a coordinating body or platform. The Ministry of Finance is not giving the required mobilisation and coordination in this regard, hence, the need for the Ministry of Revenue.

“Analogically, 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.

“Nigeria definitely needs a national treasurer to be symbolised by the federal ministry of revenue when created” he posited.

He added that the idea has been sold to President Tinubu who, according to him, saw the need for it in line with his pedigree on improved revenue generation.