Senator Jimoh Ibrahim, representing Ondo South, has advised President Bola Tinubu to create a dedicated Ministry of Revenue ahead of the inauguration of the Cabinet and assignment of portfolios to ministerial nominees.

During a courtesy visit to the President in Abuja, Senator Ibrahim emphasized the urgent need for the new ministry to serve as a coordinating platform for all revenue-generating agencies in the country….CONTINUE READING

According to Senator Ibrahim, Nigeria currently lacks a central body to effectively manage and coordinate revenue generation.

He highlighted that while the Ministry of Finance handles the disbursement of funds, there is no proper treasurer to record revenues generated by various agencies and provide them with the necessary impetus to generate more.

The proposed Ministry of Revenue, as envisioned by the senator, would play a crucial role in addressing the nation’s high debt profile and socio-economic challenges.

President Tinubu reportedly acknowledged the importance of the ministry in line with his focus on improved revenue generation.

Senator Ibrahim further argued that the establishment of the Ministry of Revenue would contribute to defraying the nation’s debt and accelerating its development, citing the current debt-to-GDP ratio of less than 31 per cent as a reason not to be overly concerned about the N77 trillion debt.

With the potential to become a vital strategy for revenue generation and economic growth, the proposal aims to enhance Nigeria’s financial stability and prosperity.