The Group Managing Director, GMD, Widescope International Limited and Global Transport Policy, GTP,  Dr. Segun Musa has called on the Federal Government to think of how to diversify the economy rather than focus on internal revenue generation which is a major factor responsible for the scrambling and duplication of functions by government agencies in the Nigerian maritime sector.

Speaking with our reporter during a chanced encounter, Musa expressed worry that depending on revenue from imports is dangerous for developing nations.

Dr. Oluwasegun, GMD, Widescope International Ltd

According to him “Revenue from imports is an indication that your economy has nosedived.  It is also an indication that you have outsourced your production to foreign manufacturers who deploy their citizens to work on your behalf while your citizens are idle, hungry, nervous, agitated and disturbed because their tomorrow is as uncertain and as hopeless as their yesterday”

Dr. Segun Musa explained that revenue from imported items not invested into planned industrialization scheme and expansion of the production capacity of the country but shared for political exigencies is responsible for the widening infrastructure deficit and dearth of transport connectivity as the roads and rail lines are not as efficient they should be.

“Over the years, if accruing revenue had been invested into planned strategic industrialization program, we could have moved from where we are to a position of increased productive capacity which means decline in import revenue but unemployment and youth restiveness would give way to a robust economy with opportunities for citizens”

“No country on planet earth has developed from taxation which is the laziest way to generate money. For a country to develop and grow economically, there must be strategic industrialization plans for productivity and the requisite capacity to respond accordingly because industrialization, production and capacity are inseparably complimentary”

Insisting on the need to plan ahead and industrialize the country, the GTP Boss said no matter the revenue realized from imported items the country cannot develop by relying on such revenue because the pressure on the collectors and the citizens from  whom the revenue is made  could become unbearable.

“You are aware that year after year, Customs have been giver higher revenue targets to meet. How does Customs meet such revenue hike if they do not increase their duty rates and other tariffs?

“Have you noticed that Nigerians cannot afford used cars imported into the country? Are you aware that car dealers now resort to buying Nigerian used cars to repackage and resell”?

“Have you heard that Nigeria’s foreign and domestic total debt stock is over  N150 trillion which may not be correct because there has been fresh borrowings by the federal government”?

Expressing worry over the state of the economy, the former Lagos state governorship aspirant said the federal government needs to take urgent steps to mitigate the pains of the people they took oath to protect, provide for and nurture.

“As we speak, Nigerian doctors are on strike. The health sector, power, education, manufacturing and other sectors are groaning and the government is talking about further taxing them to raise funds for national development. How do you expect them to expand and create jobs if they do not enjoy incentives from the government? Which country of the world has developed through taxation?

“We pay Value added Tax. There is what they call Withholding Tax; from information at my disposal, there are companies with lots of their money being withheld. If such money is made available to business owners, they could create jobs by employing more workers to boost their businesses. Business owners should be encouraged not choked with taxes and bills which stifle businesses”

Asked to speak on the way forward, Dr. Oluwasegun Musa said “Let’s be real. If revenue is increasing and unemployment rising, poverty gap widening and unrests and agitations are spreading and more intense, is it not time to have a rethink, review and retrace our steps from this pattern of doing the same things for years and expecting different results”?

“Industrialization, diversification and building capacity for production is the way to grow the economy not taxation”, Musa insisted.