A former director of the research department, Central Bank of Nigeria (CBN), Dr. Titus Okunrounmu, has advised the federal government to block all loopholes in its revenue generation drives in order to effectively revamp the economy.
Okunrounmu gave the advice while speaking with the News Agency of Nigeria (NAN) on Friday in Ota, Ogun state.
The former CBN director also suggested that it was highly important to also block leakages from expenditures, while the government monitors its revenue generation.
“The government must redouble its efforts in trying to block any loophole in revenue generation and expenditure management.
“In addition, it needs to further tackle corruption because this menace has been a challenge to the nation’s economy,” he said.
He noted that the government needed to restore investor’s confidence by providing different business opportunities, to attract new investments into the country.
Okunrounmu appealed to the government to advise the states on prudent financial management, noting that it would help them to judiciously use the revenue from the subsidy removal which to be shared by all the tiers of government.
This, he said, would make Nigerians to have a sense of belonging and also ameliorate their sufferings occasioned by fuel subsidy removal.
Okunrounmu, therefore, called on the federal government to put proper measures in place before any policy implementation.
