Why Tinubu Should Create Revenue Ministry – Jimoh Ibrahim

Why Tinubu Should Create Revenue Ministry – Jimoh Ibrahim

As preparations are underway for the formation of the Cabinet and the assignment of roles to the 48 Ministerial nominees awaiting Senate confirmation, a strong recommendation has been put forth to President Bola Tinubu regarding the establishment of a Ministry of Revenue…CONTINUE READING

Senator Jimoh Ibrahim (APC Ondo South) made this suggestion during a courtesy visit to the President, as outlined in a statement he released on Sunday.

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In his personally signed statement on Sunday, Senator Ibrahim elaborated on the pressing need for such a Ministry in Nigeria. He emphasized that the Ministry of Revenue, once established, would function as a central coordinating platform for all agencies responsible for generating revenue.

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According to him, creating such a ministry is crucial for the country to navigate its way out of the current socio-economic challenges. Senator Ibrahim highlighted, “There are numerous revenue-generating agencies in Nigeria today, but there is no coordinating body or platform. The Ministry of Finance is not effectively mobilizing and coordinating these efforts, hence the necessity for the Ministry of Revenue.”

He went on to explain the analogy that over the years, Nigeria’s Ministry of Finance has mainly acted like a “Bursar,” dispersing the funds collected by revenue-generating agencies, without a “Treasurer” to maintain proper records of the generated revenues and provide the necessary impetus for further growth.

According to him, “Nigeria undeniably requires a national treasurer represented by the Federal Ministry of Revenue once it’s established.”

Senator Ibrahim stated that President Bola Tinubu has been introduced to this idea and recognized its importance, in alignment with his track record of focusing on improved revenue generation.

The nominee from Ondo also expressed his belief that the Ministry of Revenue, once established, would be one of the strategies to address the nation’s debt. He suggested that it could serve as a channel for boosting revenue generation and expediting the country’s development.

He concluded by noting that the nation’s debt of N77 trillion shouldn’t be a major concern considering the current debt-to-Gross Domestic Product (GDP) ratio of less than 31 percent. He emphasized the necessity for innovative approaches to address and reduce this debt.