In an interview with the News Agency of Nigeria in Ota on Tuesday, Prof. Evans Osabuohien, the Head of Economics Department at Covenant University in Ota, Ogun, expressed commendation for President Bola Tinubu’s prompt signing of the N28.7 trillion 2024 budget into law.

Osabuohien welcomed this development, highlighting the return to a normal budget cycle for the nation. While acknowledging the significance of the early approval, he called on the federal government to address corruption issues associated with the budget promptly, emphasizing the importance of sealing all financial leakages for national progress.

The economist underscored the urgency for the Federal Government to intensify efforts in expanding the country’s revenue base, citing concerns over the budget deficits leading to substantial debt servicing. Osabuohien urged the government to focus on broadening the tax net to boost revenue.

He praised the government’s initiative in introducing the Central Motor Registration (CMR), stating that an annual fee of N5,000 per car from more Nigerians would contribute significantly to government revenue. Additionally, Osabuohien stressed the necessity of enhancing power supply to stimulate business activities, create jobs, and ultimately generate more revenue for the government.

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