Recession : Talks hold in Abeokuta on how Nigeria can increase revenue without oil

By Racheal Ishaya

Federal and State officials, along with business leaders will meet on Tuesday in Abeokuta to examine options available to government to improve its revenue streams,  especially in a period of low earnings from crude oil.

The Special Adviser, Media to Minister of Finance, Mr Festus Akanbi said the meeting is under the auspices of the  National Council on Finance and Economic Development (NACOFED).

The summit has as its theme: “Enhancing Revenue Generation and Obtaining Best Value for Money in Expenditure’’.

The Minister of Finance, Mrs Kemi Adeosun, will be the chief host.

NACOFED holds yearly sessions to discuss current socio-economic issues, and suggest  fiscal and monetary policies to be implemented by the government.

The forum serves as an avenue for sharing ideas that will streamline activities in the finance ministry at the federal and state levels as well as other financial institutions of relevance.

The meeting is also expected to discuss how  states can align  their policies with the Federal Government on various economic issues  to ensure policy consistency and effective implementation.

Minister of Finance said  “the policy thrust of the current administration informs the theme for this year’s conference’’.

“The Federal Ministry of Finance continues to discharge its numerous functions through well-articulated initiatives and policies to improve revenue generation, blocking leakages and tackling wastage.

“Some of the topics to be treated include lecture on non-oil sector as a sustainable alternative in enhancing revenue generation, to be delivered by the Minister for Mines and Steel Development, Dr. Kayode Fayemi.

“Also, the Comptroller General of Customs, Col. Hameed Ali (rtd) will speak on Harnessing Customs and Excise Duties for Improved Revenue Generation.

“Discussion on tax as a source of Improved revenue to the Federation Account will be led by the Chairman of the Federal Inland Revenue Service, Mr Babatunde Fowler’’.

Expected participants include Ministers, Governors, Commissioners of Finance and Budget from the 36 states of the Federation as well as captains of industry from the private sector.

Business executives and economic analysts expected at the event include Managing Director, Guaranty Trust Bank, Mr Segun Agbaje and Group Managing Director,  Nigerian National Petroleum Corporation.

Others are the Managing Director, Financial Derivatives Limited, Mr Bismarck Rewane and former Director General, Budget Office, Mr Bode Augusto, among others.