3rd October 2020

His Excellency
Muhammadu Buhari, GCFR
President of the Federal Republic of Nigeria
Presidential Villa,
Asokoro, FCT Abuja

Your Excellency,

THE NEED FOR NEW REVENUE SOURCES

I applaud your very early release of budget 2021 as it signals concern to reflate the economy. I note that fiscal and monetary policy is broadly harmonized but I wish fiscal policy was more expansionary. Nonetheless, there is a budget deficit of about 7 trillion naira so the big challenge is how to raise revenue. Strategic Revenue Growth Initiative of Government is very timely. There are 5 critical elements of the initiative namely: Revenue Generation, Job Creation, Economic Growth, Ease of Process and Reducing Cost of Governance and Leakages. This is necessary as Nigeria is faced with an unprecedented revenue challenge exacerbated by the Covid-19 pandemic and the crash in oil price. I understand the SRGI is targeted at the Department of Petroleum Resources, the Nigerian National Petroleum Corporation, Office of the Accountant General of the Federation, Federal Inland Revenue Service, Nigerian Customs Service and Nigerian Ports Authority.

There are many opportunities to realize enormous revenue and Jobs from the services sector otherwise known as the soft economy. This is the basis of the upcoming National webinar which our firm, Olisa Agbakoba Legal is hosting with BusinessDay on the 22nd and 23rd of October 2020 to be opened by the Vice President, Prof. Yemi Osinbajo and Chaired by Chairman of Fidelity Bank, Mr Mustapha Chike-Obi. The theme of the webinar is: “How Law can be a tool for Revenue Generation and Jobs Creation". 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. A recent report by a Dutch consultancy firm, Dynanmar shows that Nigeria loses N20 billion daily at the ports, which is 7.2 trillion yearly. 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 (NNSL) and Air Nigeria. If our local content policy and laws are implemented in terms of trade facilitation, Nigeria can generate over N20 trillion and 10 million jobs in 5 years. The third area concerns land administration. A recent study shows that the housing inventory of Nigerian property probably exceeds $ 7 trillion but most of this is dead capital that cannot be used as collateral for financial transactions because they are not properly titled. Creating an efficient titling system by introducing a Land Use Administration Act will release a lot of revenue into the system. If it is properly done, estimates suggest it can generate N30 trillion over 5 years.

Looking at all these areas and without any serious study it shows that we are almost at N100 trillion. But with concerted deep study, it is possible to hit the N100 trillion mark. Government should explore new sources of revenue to close the budget deficit and grow the economy by enacting the Strategic Revenue Growth and Recovery Act.

Sincerely,

Dr. Olisa Agbakoba SAN

https://techeconomy.ng/2020/10/olisa-agbakoba-writes-president-buhari-on-need-for-new-revenue-sources/

Aside the fact that Buhari does not have the mental capacity to read a letter written in English

Even if they translate it in Hausa, he will still discard it.

People that react to Obasanjo's letter that focuses on urgent matters will not even look at this letter 2 times.

Buhari said he does not know how to make money and you want to tell him nonsense.

funny

Constructive criticisms, functional ideas. That's how nations are built. Well done Sir.

enu dun ro'fo

Not just criticize... provide ideas. Thank you Olisa.

But this is looking more like an advertisement for your company's up coming seminar...abi na free?

All the same I enjoyed the ideas shared here.They are eye opening.

No mention of ICT, Entertainment and sport all areas that we have talents in abundance here in Nigeria including.Agricultute and religion....

They are so many areas and untapped potentials and opportunities that abounds across different sectors of the Nigerian economy and our states to easily generate revenue explore local content , reduce pressure on Forex and make life easy for the common man in the street of Liegeria

But what are they doing? Rather than explore those areas they looking for more taxing options on us..

A you are asking a man that confessed he has never know how to make money to give you a new revenue source? . Olisa please it's to early for Jokes

Where are the beard gang nau

Nah eh! No qualms
This is so sophisticated

OK

Buhari doesn't even know what governance means, let alone generate income from it.

I doubt if buhari can recite the 36 states along with their capital. The man is a figure head installed by the cabals to enable their looting much easier.

One new revenue like tax for breathing.

With the way that old man in the villa hv bn receiving letters....ha..he may go deaf again oh..if at all he hears

Give him...
Lol Imagine your father dancing like this man in a public function.

https://www.youtube.com/watch?v=AYkMspmPpHM

A

Leave him. PMB is dead from the neck up.
Gold is left at the mercy of Chinese miners and we are still complaining of revenue. We lie too much in this country, even the Devil is getting jealous!

Okoroawusa:
Not just criticize... provide ideas. Thank you Olisa.

But this is looking more like an advertisement for your company's up coming seminar...abi na free?

All the same I enjoyed the ideas shared here.They are eye opening.

Him alongside falana are the best critics.

This is exactly how intelligent people thinks.
Very commendable ideas there.



Let us be the EYE that spots
profitable real estate investment
that will benefit you.
Give us a call for free inspection

Na today una begin dey write the dullard?

una go write tire!!!

Nice one

Nice one from the intellectual. This are the kind we need in governing our Country. Meanwhile, I was thinking about legalisation of cannabis et al.
NIGERIA WILL BE GREAT AGAIN. GOD BLESS US.

The lazy unimaginative government knows only one way... new taxes loading

What's tha business?

The president prefers "the easy way out" - FIFTY NAIRA STAMP DUTY.

Interesting

I'm sure the president was shocked after reading the letter

Very brilliant submission.
However, my concern with creating this organisations is how to prevent what happened to previous similar organization that crumbled. I.e nepotism, mediocrity, corruption et al.
Perhaps they should consider private input/partnership...