Agbakoba Points Out New Sources To Generate Revenue in Nigeria.

 Agbakoba Points Out New Sources To Generate Revenue in Nigeria.

By Modupe Shodeinde

A former President of the Nigerian Bar Association (NBA), Olisa Agbakoba has pointed out new revenue sources to generate funding in the country.

In a letter to President Muhammadu Buhari, titled, “The Need For New Revenue Sources”, he called the attention of the President to some sectors in the country where substantial revenue could be generated to fund the 2021 budget.

Agbakoba noted a deficit of N4.49trillion in the 2021 budget.

He stated that there are many opportunities and areas where revenue and jobs could be generated, especially in the services sector also known as soft economy.

“Some of the areas we are reviewing include the maritime industry, which is the second-largest contributor of revenue other than oil. One area of great interest that can generate revenue is the Apapa Port City.

“The second area that can also generate substantial income has to do with trade facilitation. Trade is Nigeria’s second-largest contributor to GDP but it is shocking that Nigeria lacks the critical and essential tools of trade facilitation which are vessels and airlines. So, legislation is proposed to introduce the Nigerian National Shipping Line and Air Nigeria.

“If our local content policy and laws are implemented in terms of trade facilitation, Nigeria can generate over N20tn and 10 million jobs in five years.

“The third area concerns land administration. A recent study shows that the housing inventory of Nigerian property probably exceeds $7tn but most of this is dead capital that cannot be used as collateral for financial transactions because they are not properly titled.” the lawyer said.

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He also urged the government to look into the maritime sector, stating a report by a Dutch consultancy firm, Dynanmar, which showed a yearly loss of N7.2trillion at the ports in Nigeria.

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