Govt unlocking significant non-tax revenues, attract private capital investment - Sen. Akume

By Matthew Denis

The Secretary to the Government of the Federation, Sen. George Akume has disclosed the government is rallying institution for public assets management, unlock significant non-tax revenues, strengthen fiscal sustainability, and attract private capital to close our huge infrastructure gap.

He made the disclosure during his keynote address at the 31 Nigerian Economic Summit Group interactive session held in Abuja on Tuesday.

Speaking on the theme: Public Assets Management and the rule of Law, Building a framework for long term Sustainable investment, the SGF said "Nigeria is abundantly endowed with public assets, including land, infrastructure, state-owned enterprises, and strategic institutions, that should be platforms for the growth of wealth and spread of prosperity. Yet, many of these assets remain under explored and perform below their potentials.

"The reasons for such underperformance cannot be far fetched and can be effectively navigated through strong policies that stimulate private capital inflows, good governance practices, asset management practices that limit value extraction, formidable legal and regulatory frameworks devoid of fragmentation, Regulatory bottlenecks that discourage innovation and private capital inflow, and broad and efficient institutional coherence.

According to him the presence of these conditions will soar performance of public assets, stimulate investment inflows, bring about high positive impact on the economy.

"The government of President Bola Ahmed Tinubu, GCFR recognises the potential benefits of effective assets management to the economy and has taken bold measures to close existing gaps. The boldest manifestation is the strengthening of the Ministry of Finance Incorporated (MOFI) which signifies combined institutional, legal and regulatory reforms. MOFI is responsible for managing and optimising the government’s portfolio of assets, including investment, estates and rights to grow national wealth and prosperity.

"By so doing, government aims to build a rallying institution for public assets management, unlock significant non-tax revenues, strengthen fiscal sustainability, and attract private capital to close our huge infrastructure gap. All these invariably translate into jobs, growth, and improved quality of life for citizens."

Sen. Akume stressed that today’s dialogue is critical because government cannot achieve this transformation alone. The legislature, the judiciary, the private sector, civil society, and development partners all have roles to play. Forums like this therefore, help to build consensus, alignment of priorities, and generating practical solutions. Your outcomes should uniquely point towards bridging the gap between legislative reforms and economic development, ensuring that conversations such as would be held here, are translated into actionable frameworks.

"I wish to assure you that the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, fully recognises the centrality of sound governance, fiscal reform, and investment-friendly institutions, because asset optimisation, infrastructure renewal, and legal reforms are at the heart of this agenda. The Federal Government is determined to support initiatives that will reposition our public assets as engines of sustainable growth.

"This interactive session should chart a pathway to solutions. Nigeria must deploy vision, discipline, and courage because if we get it right, Nigeria’s public assets can become platforms of national wealth rather than burdens on the treasury."