FG to explore non-oil revenue sources – Wale Edun

The Federal Government has reaffirmed its commitment to aggressively exploring non-oil revenue sources to reduce reliance on crude oil earnings and stabilise the economy.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this at the 5th National Treasury Workshop in Abuja on Monday.

Edun, who was represented by the Permanent Secretary at the Ministry of Finance, Lydia Jafiya-Shehu, said the government would intensify efforts to harness revenue from alternative sources.

He noted that recent shifts in global energy policies, declining crude oil demand, and fluctuating prices had made it clear that Nigeria could no longer afford to depend solely on oil revenues.

He said the government was now focused on expanding revenue generation from sectors such as agriculture, solid minerals, manufacturing, tourism, the digital economy, and creative industries.

Edun described the theme of the workshop, “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives”, as timely, stressing the need for urgent action.

He said that while several non-oil sectors had shown strong potential for revenue generation, job creation, and economic transformation, they remained largely untapped.

“Several non-oil sectors have demonstrated strong potential for revenue generation, job creation, and economic transformation.

“It is time to explore these aggressively. Let me highlight a few critical areas such as Agriculture and Agro-Processing, Solid Minerals and Mining, Manufacturing and Industrialisation, Tourism and Hospitality, The Digital Economy and ICT, Tax Reforms and Compliance, etc.,” he said.

The minister, however, admitted that several challenges continued to hinder the effective exploitation of these non-oil sectors.

He listed poor infrastructure, high costs of doing business, bureaucratic bottlenecks, insecurity, low tax compliance, and revenue leakages as some of the key obstacles.

He said the government had initiated a series of reforms to address these issues, including improvements in public financial management, digitalisation of revenue collection, and strengthening of tax administration.

“The government is already taking bold steps to tackle these issues through reforms in public financial management, digitalisation of revenue collection, and strengthening of tax administration,” he said.

Edun also stressed the importance of collaboration between the public and private sectors in achieving sustainable revenue growth.

PUNCH