This online news medium understands that the comment came from the Senate Committee on Finance on Tuesday during a plenary session.
“The Federal Government should harness the full optimal potential of the Federal Ministry of Mines and Steel Development in terms of revenue generation to minimise the level of borrowing,” the committee said.
“The Federal Government should consider reducing the granting waivers and exemptions while ensuring that the Nigerian Customs Service personnel are at all oil terminals for accountability and the Federal Inland Revenue Service should consider increasing tax on luxury goods and services.”
It also noted that the 20 per cent operating surplus to be remitted by government-owned enterprises should be deducted at source.
On many occasions, the Federal Government has tried to increase revenues amidst dwindling oil prices.