Debbie T. answered 07/04/20
Experience Matters: ESL Tutor with Master's Degree
You would only use that phrase if you were directly quoting someone, and not with such a short phrase as "I want a lollipop."
You also would not usually hear it in a regular conversation. You would more likely hear it when someone is giving a speech, presentation, or more oftenon the news or on the radio.
For example, When the President heard of the attack, he said: quote: "The time has come to prepare ourselves for any and all possibilities", end quote. This tells the listener that you are finished quoting the President and now are moving on in your own words.
As I said, not really useful in a person to person conversation.
I hope this helps.