Former NTDC D-G Says Robust Internal Revenue Generation Will Help Reset Economy 

 

Yemisi Izuora

Former Director General, DG, Nigeria Tourism Development Corporation, NTDC, Mrs. Omotayo Omotosho, has identified Internally Generated Revenue, IGR, as appropriate and apposite policy consideration that will help government in providing adequate infrastructure to actualise its transformation agenda.

This she observed has become imperative given homogenous loss of revenue from oil and gas which has been the mainstay of the economy.

In her remarks as a guest speaker at the 16th Annual Adekunle Kukoyi Memorial Lecture, organized by the Nigerian Institution of Surveyors, Lagos State branch, in her paper titled, “Institutional Capacity For Accelerated Growth And Economic Development: Nigeria As A Case Study”, Omotosho, stated that ideally, all levels of government should contribute to Economic Growth and Development especially in a democracy.

According to her, Each of these levels is expected to look inward and develop its capacity for Generating Revenue Internally (IGR), but the reality in our Nation is that many States still depend on Federal allocation.

“We are also not unaware of the abuses by States of Local Government allocations. No wonder the Local Governments which are supposed to be the Engine of Development at the grass root level have been emasculated.” she noted.

Omotosho also observed the negative impact of COVID-19 on the Global Economy which has further weakened and forced the Nigerian Economy into recession resulting in galloping inflation, increase in loss of jobs and employment, rising cost of services, utilities and food.

After taking a postmortem analysis of the national economy the former DG, challenged government to take appropriate steps to strengthen its capacity.

Among her advise is population control and identity management.

According to her, the Nigerian borders are porous and susceptible to influx of foreign immigrants who pose as citizens and this also has security implications and therefore there is the need for empowerment of the National Boundary Commission and the National Identity Management Commission.

“There is the need to strengthen the system within the National Population Commission and Bureau of Statistics for effective capturing of births and deaths in order to keep a reliable data of Nigeria Citizens, which is necessary for effective National Planning and Projection.” she added.

Omotosho also called for reduction of tariffs on imported vehicles to reduce the cost of transportations and its attendant consequence on skyrocketing cost of food, goods and services, just as she commended the Federal Government for taking steps through the Ministry of Finance to address these.

She also advocated for the strengthening of the Ministry of Humanitarian, Disaster Management and Social Development to effectively capture the unreached, vulnerable and marginalized as well as stimulus packages for small businesses and the unemployed through the States and Local Governments and empowering the Local Government to provide enabling environments for cottage businesses and entrepreneurship.

She also strongly called for holistic investment in infrastructure at all tiers of Government and monitoring the NationalOrientation Agency and the Media on Mass Sensitization on Core Values for Value re-orientation, on COVID-19 Pandemic Prevention Protocols and demand for good governance.

Other suggestions she made include, controlling inflation through Government intervention and empowering the Price and Commodity Boards, opening up all Institutions of learning in line with the COVID-19 Pandemic Prevention Protocols, and equitable allocation of resources and appointments in line with the Federal Character Mandate to douse Ethnic Agitations and Restructuring. ( Devolution of Powers to the States and yearning for true federalism)

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