Abuja: The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has urged Nigerians to place greater reliance on domestically produced goods to curb revenue wastages. Edun made this appeal during the first leadership retreat of the Nigeria Revenue Service (NRS) held in Abuja.
According to News Agency of Nigeria, Edun emphasized the importance of intra-Nigerian trade and the economic benefits of spending within the country. He highlighted the disparity between the debt service paid by developing countries, which amounted to $163 billion in 2024, and the overseas development assistance received, which was only $42 billion. Furthermore, foreign direct investment and private sector funding from abroad totaled just $97 billion. Edun pointed out that the financial outflows from developing countries surpass the inflows, underscoring the need for internal economic reliance.
The minister also addressed the necessity for the government to focus on fiscal reform and revenue mobilization, where the NRS plays an indispensable role. The Executive Chairman of NRS, Dr. Zacch Adedeji, echoed Edun’s sentiments, stating that the service signifies a departure from the past, requiring adaptation and leadership excellence to meet Nigeria’s current demands. He warned of “internal blockers” within the organization that could hinder progress and urged staff to confront these challenges.
Dr. Adedeji emphasized the importance of leadership and self-examination, sharing personal insights on the dangers of unexamined beliefs in leadership roles. He stressed that leadership is about elevating others rather than merely replicating oneself, inviting a collective reflection on how beliefs can impact the organization’s future.
Additionally, Mr. Tayo Koleoso, Chief of Staff to the NRS boss, highlighted the significance of tax reforms aimed at propelling Nigeria towards a trillion-dollar economy. He called on NRS staff to be determined in their service, emphasizing the agency’s critical responsibility for the nation’s revenue. Koleoso outlined the retreat’s objective to set a strategic direction for 2026 and beyond, aligning the NRS’s mission and responsibilities with the country’s revenue ambitions.