Akpabio insists Nigeria must break shackle of monolithic economy to increase revenue
…. justifies petroleum subsidy removal
By Haruna Salami
The Senate President, Godswill Akpabio has again emphasized the need to increase government revenue base by breaking the shackle of a mono-economy.
Akpabio stated this Monday in his remarks at the 7th Convocation Ceremony of National Institute for Legislative and Democratic Studies (NILDS)/ University of Benin (UNIBEN) Post-Graduate programmes in Abuja.
He lamented that decades ago, Nigeria was the world’s largest producer of cocoa, palm produce, groundnuts and others. “We had groundnut pyramids in the north, the cocoa houses in the west, and palm plantations in the east.
He believes that if the country goes back to these agricultural products and add them to her oil earnings, our revenue generation will be boosted, adding that we should know that if the government spends more than its revenue, it is bad for our country, which was one of the reasons the petroleum subsidy had to go”.
He identified strongly with the NILDS and UNIBEN Convocation Lecture: “Improving Revenue Generation and Expenditure Management: Issues for Consideration”, delivered by Prof. Adeola Adenikinju, Department of Economics, University of Ibadan and current President, Nigeria Economic Society (NES), adding that “revenue generation and expenditure management are the twin wings which drive development”,
Akpabio, who was represented at the ceremony by the Chairman, Senate Committee on Finance, Senator Sani Musa said “spending more than its revenue leads government to three choices; raising taxes, printing more money or borrowing from loan sources. None of these options is good for any country. So, we should not put ourselves in that tight corner.
He was thankful that the Bola Tinubu government has shown a “commitment to increasing our revenue generation and effectively managing our expenditure”.
He said those of them in the National Assembly, in their oversight function, will also act to ensure that parastatals and agencies of government are in step with the expectation of the Tinubu Administration and Nigerians in expenditure management.
Describing Nigeria as a great country, Akpabio said “we have everything needed to make our country the toast of the African nation and the black world. This is what the Renewed Hope Agenda is all about, and I urge all Nigerians to hitch onto the bandwagon. Let us drill out of the rock of popular doubt, the stone of collective hope, let us break the chain of ethnicism with the hammer of love, let us turn our fists into handshakes. When we do these things, together we will one day see and live in the Nigeria we sing about everyday in the National Anthem”.
According to him, many people had since asked him what “magic” he used in Akwa Ibom State, adding that “there are two answers to that question. The first answer is that we entrusted everything we did to God and He blessed the works of our hands. The second answer is that we increased revenue generation and we effectively managed expenditure. We, consistently, used to reserve about 80 per cent of our yearly budget for capital expenditure because of the infrastructural needs of the state”.
One of the students who graduated with Masters in Election and Party Politics (MEPP), Mr. Oscar… described the programme as “very tedious”, adding “once you are able to pass through it, it a thing of joy”.
Mr. Oscar, who is the Clerk of the Senate Committee on Appropriation said the new qualifications will enhance the jobs of those of them working in political environment like the National Assembly and also an advantage for those of them that are potential politicians.
READ ALSO: Atiku’s desperation for Presidency
“We are using this to build more capacity to work with those who make laws, represent and do oversight. It is a opportunity to get back to them and direct them the way to go for enhanced legislation, representation and oversight for our people”.
Some graduating students received academic awards of the 2023 NILDS/UNIBEN Convocation ceremony. The recipients of “Best student in Post Graduate” in various programmes include Thalis Olonite Apolowo in Masters in Legislative Studies (MLS), Mrs. Toyin Joy Sholademi, Masters in Parliamentary Administration (MPA) and Best Female Students, Olugbemi Ezekiel Adeleye, Masters in Election and Party Politics (MEPP), Jimmy Toabasi Akanimoh, Masters in Law and Legislative Drafting (LLM) and Jerrywright Osondu Ukwu, Postgraduate Diploma (PGD).
