Jimoh Ibrahim, a senator, has suggested that Tinubu establish a Ministry of Revenue

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Jimoh Ibrahim, senator for Ondo South, has suggested that President Bola Ahmed Tinubu establish a Federal Ministry of Revenue.

The Nigerian Senate confirmed 48 cabinet nominees on Saturday, prompting this call.

The legislator claimed the ministry, once established, will act as a coordinating platform for all revenue-generating entities in a statement he published on Sunday and made accessible to journalists.

According to the report, Ibrahim paid President Tinubu a courtesy call and suggested he establish the ministry.

To get the country out of its current socioeconomic muck, the proposed ministry is essential, in his opinion.

“Today, Nigeria has several revenue-generating agencies, but no central organization or platform to coordinate them.

In light of the lack of necessary mobilization and coordination from the Ministry of Finance, a separate Ministry of Revenue was established.

Over the years, Nigeria’s Ministry of Finance has acted as Bursar, distributing funds contributed to the country’s general treasury by various generating agencies. However, the country has never had a Treasurer responsible for keeping track of the money collected by these organizations.

He said, “When the Federal Ministry of Revenue is established, it will serve as a symbol of Nigeria’s need for a national treasurer.”

He continued by saying that President Tinubu had been persuaded to adopt the plan, finding its benefits in keeping with his own background in increasing government revenue.

He predicted the ministry would help reduce the country’s debt by opening new avenues of revenue creation that would hasten the pace of growth.

“The nation’s debts of N77 trillion 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,” he continued.

 

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