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Revenue Shortfall: Senate Backs Merger Of MDAs

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He said there was a new economic order in Nigeria that required MDAs to think of alternatives to improve the revenue base of the country.

He said the emphasis at the moment was how best to earn more foreign exchange, adding that cocoa, groundnut and palm oil were major foreign exchange sources for Nigeria in the past.

“We are having shortfalls in daily crude oil production and so we must make frantic steps to bring back the groundnut, cocoa, rubber and palm oil produce to earn more foreign exchange for Nigeria,” he said. Adeola said the Senate was committed to ensuring the setting up of the required regulatory bodies to drive the production of the commodity products.

He also called for the provision of relevant data on monthly, yearly production and sale of cocoa from the Cocoa Research Institute of Nigeria.

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