The Nigerian government can raise revenue from agriculture by focusing strategies that will help the government raise income for sustainability. The sustainable development goal is anchored on agricultural development and as at such government should centered their policies on revenue generation from that sector of the economy. This are some of the ways government can raise revenue from agriculture.
Taxation: The government can impose taxes on agricultural income, sales, and profits. The government can also tax inputs such as fertilizers, pesticides, and seeds. The revenue generated from taxation can be used to finance agricultural development programs and infrastructure.
Export promotion: The government can promote agricultural exports by providing incentives to exporters and promoting international trade agreements. The government can also levy export taxes on agricultural products to raise revenue.
Land leasing: The government can lease out land to investors for agricultural purposes. The revenue generated from land leasing can be used to finance rural infrastructure development and agricultural research and development.
Agricultural value chain development: The government can promote the development of agricultural value chains by providing support to processing, packaging, and marketing activities. This can increase the value of agricultural products and generate more revenue for farmers and the government.
Public-private partnerships: The government can enter into public-private partnerships with investors in the agriculture sector to develop agricultural infrastructure and promote agricultural value chains. The government can also share in the revenue generated from the partnerships.
Agricultural insurance: The government can promote the use of agricultural insurance to protect farmers against crop losses due to natural disasters and other risks. The government can levy taxes on agricultural insurance premiums to raise revenue.
By implementing these strategies, the Nigerian government can raise revenue from agriculture. This can contribute to economic growth and development, poverty reduction, and food security in the country.
