Business

2020 Budget: Entrepreneur Identifies SMEs as Major Revenue Generation Source

By Aishat Yusuff

Federal Government has been tasked to genuinely encouraged cottage industries and Small Scale Businesses through entrepreneurship as part of the move to finance the 2020 budget.

An Entrepreneur and Initiator, One Community One Industry Initiative, Victoria Oluwaseun gave the charge at the end of the Community Mega Agropreneurship skill acquisition training in Ikire, Osun State on Friday.

The Community dwellers were trained on how to convert agricultural wastes, including banana stuck, palm kernel wastes, coconut and cocoa pods to wealth through production of locally made materials like soap, coconut oil, locus beans and packaging among others.

Presenting the certificate of participation to the trainees, Oluwaseun said, part of the ways to realise revenue for budget financing is to encourage local contents that would help people to pay back to the government.

She said some of the stringent policies of the government for registration and operations are some of the problem killing entrepreneurship and local contents which should be reviewed.

“Budget financing anywhere in the world should be majorly through taxation, but it is only those who have sources of income that can pay taxes.

“As a result, the government should strive to encourage cottage industries, particularly in local communities by training residents how to produce locally and develop policies that would make their products acceptable.

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“There are things we produce locally for eating and domestic use that are far better and healthier than what we import as a country, but many of our policies have not allowed them to thrive.

“This is contributing to the poor implementation of our budget over the years because the government do not have enough to finance it as the people can only pay taxes when they have source or sources of income”, Oluwaseun stressed.

She also tasked entrepreneurs to always be ready to package anything produced locally to make it well acceptable for the Nigerian government and international community.

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