A former President of the Nigerian Bar Association, Olisa Agbakoba (SAN), has called the attention of the President Muhammadu Buhari to some areas where the Federal Government can generate about N100tn towards funding the 2021 budget.
The legal practitioner in a statement he personally signed in Lagos said he observed that the 2021 budget had a deficit of N4.49tn.
He urged the Buhari’s administration to look towards the maritime sector, noting that a recent report by a Dutch consultancy firm, Dynanmar, had shown that Nigeria was losing N20bn daily and N7.2tn yearly at the ports.
Agbakoba stated, “Some of the areas we are reviewing include the maritime industry, which is the second-largest contributor of revenue other than oil.
One area of great interest that can generate revenue is Apapa Port City.
“The second area that can also generate substantial income has to do with trade facilitation.
Trade is Nigeria’s second-largest contributor to GDP but it is shocking that Nigeria lacks the critical and essential tools of trade facilitation which are vessels and airlines. So, legislation is proposed to introduce the Nigerian National Shipping Line and Air Nigeria.