Finance Minister tasks deployment of technology on revenue generation to offset debt
By Matthew Denis
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has tasked the revenue-generating agencies of the Federation with employing digital technology to enhance revenue generation and offset national debt.
The Minister made this disclosure at the 5th Edition of the National Treasury Workshop held in Abuja on Monday.
Represented by the Permanent Secretary, Mrs Lydia Jafiya Shehu, the Minister emphasised several government reforms aimed at boosting revenue for the economy.
He stated, “This workshop underscores the urgent need to rethink our revenue generation strategies, especially in light of the volatile nature of oil revenues, which have long been the backbone of our economy but have recently faced a downturn.
“The recent global shifts in energy policies, declining oil demand, and fluctuating crude prices have made it abundantly clear that we cannot afford to be overly dependent on oil revenues.
“We must, therefore, embrace a diversified economic approach that taps into the immense potential of non-oil sectors such as agriculture, solid minerals, manufacturing, tourism, the digital economy, and creative industries.
“The government is already taking bold steps to tackle these issues through reforms in public financial management, digitalisation of revenue collection, and strengthening of tax administration. I am glad that key experts, including the Chairmen of the Federal Inland Revenue Service (FIRS) and the Presidential Committee on Fiscal Policy and Tax Reforms, will be presenting papers at this forum. We must all understand that more needs to be done, and the insights gathered from this workshop will be instrumental in shaping further policy directions.
“To ensure the success of these initiatives, collaboration among all stakeholders is essential. The role of the private sector in complementing government efforts cannot be overemphasised. Accountability and transparency in public financial management remain paramount in building trust and attracting investment.”
Earlier, the Accountant General of the Federation, Dr Oluwatoyin Sakirat Madein, while speaking on the workshop theme, “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives,” stressed that it is a highly relevant topic considering the state of the economy. She highlighted various challenges, including exchange rate volatility, low revenue performance, and rising costs, which have complicated fiscal operations in recent years.
She explained, “We are all gathered here to brainstorm on these papers and develop a robust and implementable communique capable of addressing the current revenue challenges faced by the country.
“To this end, I urge us all to contribute meaningfully to proffer far-reaching recommendations for policymakers at both the federal and sub-national levels.”
The Auditor General of the Federation, Chira Shakaar, asserted that the efforts of President Ahmed Tinubu in strengthening the economy should not be downplayed by Nigerians.
He urged participants to engage actively in the workshop, share professional ideas, and brainstorm constructively to enhance economic growth.