In a bid for the Federal Government to explore new sources of revenue to close the budget deficit and grow the economy, a Senior Advocate of Nigeria, SAN, and Maritime Lawyer, Dr Olisa Agbakoba has proposed some ways through which Government could divest into and make a difference in revenue generation.
The former President of the Nigerian Bar Association, NBA, who expressed regrets that Nigeria was currently experiencing a huge revenue shortfall occassioned by sharp decline in the price of crude oil in the global market coupled with the effect of the Covid 19 pandemic, hence there should be new way of sourcing for revenue.
In a letter to President Muhamadu Buhari, Dr. Agbakoba expressed concern over the seven trillion naira deficit in the 2020 budget, noting that there are many untapped revenue sources which could bridge the current revenue gaps.
Refering to a recent report that Nigeria loses over twenty billion naira daily at the ports, he proposed the development of the Apapa ports potential as a latent revenue source, if well developed and harnessed.
Dr. Agbakoba also proposed harnessing the vast opportunities in the Country’s International trade and commerce, to generate a substantial income through trade facilitation as he explained that, for now, the Country lacks essential tools of trade facilitation, which include non – ownership of vessels and airlines.
He argued that if the Country’s local content policy and laws are effectively implemented, in terms of trade facilitation, Nigeria could generate over twenty trillion naira in five years, through which ten million jobs could also be created.
Another revenue channel proposed by the Maritime Expert, is Land administration as he cited a recent discovery that, housing inventory of many property probably exceeds seven trillion naira but that most of it, have become dead capital which cannot be used as collaterial for financial transactions because they are not properly titlted.
He explained that creating an effective land titling system by introducing land use Administrative Act, would release a lot of revenue into the system, if properly done, noting that an estimated thirty trillion naira could be generated in a period of five years in that area.
The Legal Luminary however assured the President that looking critically at these areas, shows hope of possible increased revenue if carefully followed through, while commending the Government for early submission of the 2021 budget as an indication of committment to reflate the economy.
Dr. Agbakoba therefore called for the harmonisation of the fiscal and monetary policies, noting that fiscal policies should be more expansionary.
Olaoluwa Adekunle
