The House of Representatives has urged the federal government to undertake a comprehensive audit of all the revenue generating sources in the country to boost economy.

Daily Trust reports that the federal government had in January ordered the audit of all revenue generating agencies in the country in order to ensure that all funds collected are remitted into its coffers.

The members of the House said the inventory work should note the present potentials of the sources and their physical state with the overall aim of augmenting Nigeria’s “mono commodity economy.”

The decision of the House followed a motion by Rep Sergius Ose Ogun, who said Nigeria’s known revenue source has been crude oil despite being blessed with sundry natural resources capable of boosting the revenue baseline.

“Little regard had been paid to other veritable sources of revenue, thus diverting the attention of the appropriate institutions and agencies of government from focusing on these other sources.

“The current trend in global economies suggest a downward slide in the price of crude oil, thus necessitating the urgent need to look inwards with a view to exploring other viable means of revenue generation,” Rep Ogun said.
The lawmakers said by auditing the revenue sources, the National Assembly will then have the powers to track the identified sources towards appropriate budgetary decisions.

Source: Daily Trust