Ondo Senator calls for establishment of Revenue Ministry

Senator Jimoh Ibrahim (APC Ondo South) has strongly advised President Bola Tinubu to establish a Ministry of Revenue in order to address the urgent need for better coordination of revenue generation agencies in Nigeria.

This advice was presented during a recent courtesy visit by Senator Ibrahim to President Tinubu.

The proposed Ministry of Revenue would serve as a central platform to oversee and streamline the efforts of various revenue-generating agencies.

Senator Ibrahim highlighted the absence of a coordinating body for revenue generation agencies, emphasizing that the Ministry of Finance falls short in providing the necessary organization and coordination.

Drawing an analogy, he compared the Ministry of Finance to a bursar disbursing funds without an adequate treasurer to manage and track revenues generated by different agencies.

Senator Ibrahim stressed the importance of having a designated Ministry of Revenue as a vital component to navigate the current socio-economic challenges faced by the nation.

The concept of the Ministry of Revenue was well received by President Tinubu, who recognized its potential to improve revenue generation in alignment with his focus on this area.

Senator Ibrahim also suggested that the Ministry of Revenue could play a significant role in addressing the nation’s debt, presenting it as a strategic solution to enhance revenue and contribute to the country’s development.

Despite the existing national debt of N77 trillion, Senator Ibrahim remained optimistic, citing a debt-to-Gross Domestic Product ratio of less than 31 percent and the need for innovative approaches to address it.