The senate committee assured that the national monument, if created, will serve as an alternative source of revenue to the country
The Senate committee on culture and creative economy has called for appropriation of N10 billion for the ministry of arts, culture, and creative economy for the construction of a national monument in the Abuja, the Federal Capital Territory (FCT).
In an appeal to the Appropriations Committee, which is chaired by Senator Solomon Olamilekan (APC, Ogun West), Senator Ogoshi Onawo (PDP, Nasarawa South), who chairs the committee on the ministry, presented reports on the budget defence of agencies under the committee on Tuesday.
While acknowledgeing that oil remains the main source of revenue for the country, Sen. Onawo, stressed that the proposed national monument has the ability to spur revenue generation and boost the country’s economy.
He made known that the ministry has already created a road map outlining the necessary steps to expand the country’s economy, and also urged the appropriations committee to support the ministry and its agencies in implementing its plans and programmes for further economic growth.
“The monuments, when established would create employment and revenue generation. The CBN and the Bankers Committee have taken over the renovation of the National Theatre Iganmu Lagos, to make it more fitting and productive for revenue generation. On completion, the theatre would be capable of generating N500 million for the nation.,” he said.
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According to him, plans for the renovations in Lagos had been finalised and it would be used for a while before being returned to the federal government.
However, Sen. Olamilekan pointed out that in order to effectively advance the goals and objectives of the ministry, a special intervention fund would be required.
“The envelope budget given to the ministry could only cater for its day to day activities, so the ministry will draw up feasible plans to realise a creative economy via the ministry’s activities,” he said and advised that in order to carry out its plans for a creative economy, the ministry has to collaborate with the private sector.
