Stakeholders, have called on the Federal Government to focus on areas of boosting government revenue as a means of meeting the country’s infrastructural deficits and financial obligations.

This call was  made by stakeholders during the 2015 Distinguish Management Lecture of Institute of the Nigerian Institute of Management (NIM) held at Nigerian Institute of International Affairs (NIIA).

According to the Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, in his presentation at the annual lecture on theme: Nigeria’s Post-Election Economic Realities, disclosed that it would be impossible for the present administration to achieve all its campaign promises against the backdrop of the continued revenue decline in the federation account.

He said, “Nigeria faces a paradox of having Africa’s biggest economy but not Africa’s biggest government revenue. While Nigeria is about 155.4 percent of South African’s economy, the revenue generated by the Nigerians government is only about 79.5 per cent to the revenue generated by the South African government. However the total revenue in the country’s federation account has been 12 percent of the Gross Domestic Product- GDP, compared to the minimum government revenue of 25 percent of GDP in African’s next five largest economies, which are South Africa, Egypt, Algeria and Morocco.”

He however noted that the government currently has less than half of the revenue required to deliver quality governance, which was responsible for the inefficiency of the country’s health, education, security and basic infrastructural services provided by the government. He also lamented that the revenue leakages are some the bane of country’s revenue inadequacies.

According to the Economist, government must demonstrate conscious will in ending the scourge of crude theft, petroleum subsidy payment. He also charged him to streamline tax and import duties waivers, amend existing laws to abolish the autonomy granted the revenue collecting agencies and create a single treasury account for all forms of government with all ministries, department and agencies in a single appropriation process to ensure adequate resources for good governance.