Nigeria’s government at various levels needs to generate new revenue for better governance and sustainable growth. The Chief Executive Officer (CEO), Modo Ante, a pioneer governance, public sector, and political consultancy firm, Joko Okupe, stated this during an interview in Lagos. Okupe said that there are several sectors in Nigeria holding untapped potential for revenue growth.
He added that even existing revenue-generating government entities can be enhanced and can create new money. Okupe explained that new money means revenue to accrue to the government that erstwhile did not exist, by utilizing technology to enhance public service delivery and efficiency.
Okupe disclosed that “a summit on national revenue growth billed for March 27th & 28th, 2024 to seek ways to strategize for new streams of revenues for the government. He stated: “Tinubu’s administration inherited a heavy national debt of over N87.38 trillion as at the end of June 2023 which comprises domestic debt of N54.13 trillion and external debt of N33.25 trillion.”
The resultant effect of this debt burden: low government liquidity, currency devaluation, high inflation rate, increased prices of commodities, and a sluggish economy. He added, “The government revenue growth summit is to address the present critical need for sustainable revenue generation, by bringing together experts, policymakers, and all stakeholders to explore innovative ways that would bolster gov- ernment revenue streams.”
