The former President of the Nigerian Bar Association, Dr Olisa Agbakogba, SAN, has stated that Nigeria is facing enormous economic challenges and needs massive revenue to meet up with its existing obligation.
Agbakogba SAN, stated this in a Media chat with a select group of Journalists in his office last Tuesday.
He said that Nigeria can be best described as a man who makes N100,000 per month, but borrows N5 million every month to pay for the electricity bill, and running of the house.
The senior Lawyer further stated that, “the situation is scary giving the fact that the excess crude oil account, which is like our savings, is almost empty”.
“As we go into another election season, it is important to engage Politicians putting themselves forward for elections, on how they intend to resolve Nigeria’s economic and revenue crisis.”
The Learned Silk then stated that his law firm, Olisa Agbakogba Legal, OAL, has developed a legal proposal that can generate a huge amount of income.
He further maintained that our trade policy and legislation are very weak, stating that with the right laws in place, the country will not be a dumping place for sub-standard good and services, the nation can generate well over N1trillion .
Other areas where Nigeria can make good money from with the right laws in place include Aviation, Maritime, Financial Services, Fintech, Space, Digital Economic/E-commerce, Entertainment, Hydrocarbons, Solid Minerals, Agriculture, Land Administration/Housing, Inefficient Revenue Collection and Monies Trapped in Ministries, Department and Agencies.
Answering questions, Agbakogba SAN, maintained that “Nigeria is not a poor country, Looking at all these areas and with out any serious study, it shows that we are almost at the N1 trillion mark, and with concerted deep study, it is possible to even exceed the trillion mark”.