A former President of the Nigerian Bar Association, Olisa Agbakoba (SAN), has called the attention of the President, Major General Muhammadu Buhari (retd.), to some areas where the Federal Government can generate about N100tn towards funding the 2021 budget.
The lawyer said he observed that the 2021 budget had a deficit of N4.49tn.
“There are many opportunities to realise enormous revenue and jobs from the services sector, otherwise known as the soft economy,” Agbakoba said in a letter to Buhari, titled: ‘The Need for New Revenue Sources’.
He urged the Buhari’s regime to look towards the maritime sector, noting that a recent report by a Dutch consultancy firm, Dynanmar, had shown that Nigeria was losing N20bn daily and N7.2tn yearly at the ports.
Agbakoba stated, “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.”