Ministry of Finance organises retreat on revenue generation

The Federal Ministry of Finance has organised a two-day national retreat on revenue generation in Kano, Kano State in order to evolve new ideas and strategies for boosting revenue generation to finance the 2016 budget and upgrade the country’s infrastructure.

According to a press statement signed by Director of Information of the ministry,  Salisu Na’inna Dambatta, the Governor of Kano State, Dr. Umar Abdullahi Ganduje will  deliver the keynote address, while the Minister of Finance, Mrs. Kemi Adeosun, will declare the retreat open.

Experts on revenue generation and administration were invited to make presentations and contribute in articulating the way forward in revenue generation for Nigeria at the conference which is scheduled from 13th July to 15th July, 2016.

Eight state governors, ministers, chief executives of various government revenue-generating agencies, directors of accounts and audit as well as revenue officers in ministries, departments and agencies are expected to participate in the retreat to share their experiences and articulate new strategies on boosting revenue generation and prudent application of such resources to finance the implementation of various development projects.

Some of the presentations will focus on expanding Nigeria’s revenue base in which strategies and new sources would be discussed; another paper will address non-oil revenue and proffer the way forward for success, while the extraneous factors that could affect the implementation of the 2016 budget would also be dissected at the Retreat.

The experts would also speak on continuous audit of independent revenue in the age of change and mechanisms for enhancing Internally Generated Revenue (IGR) by states through non-tax revenue to finance their budgets.

There would also be discussions on guidelines for domestic borrowing, techniques on improving revenue generation from Oil and Gas and how to fund a national budget under a dwindling mono-economy.

At the end of plenary, participants would be broken into several syndicate groups to assemble and forward the ideas and new strategies that emerged from the presentations as recommendations to the Federal Government for consideration and implementation.