In a recent development, the Senate’s Committee on Finance has called upon various revenue-generating agencies to exceed the set target of N18.324 trillion for the fiscal year 2024.
Last month, President Bola Tinubu presented a total projected expenditure of N27.503 trillion for the 2024 fiscal year to the National Assembly. N18.324 trillion is earmarked as the targeted revenue, while N9.18 trillion constitutes the deficit. The deficit is expected to be covered through internal and external borrowings, along with proceeds from privatization.
To evaluate the agencies’ readiness for this ambitious task, the Finance Committee, led by Senator Mohammed Sani Musa (APC Niger East), engaged in separate discussions with them last week. During these interactions, the agencies were urged to meet their projected revenue targets and surpass them.
In a specific instance during an interface with the Nigerian National Petroleum Company Limited (NNPC) Limited, Senator Sani Musa emphasized the need for surpassing the revenue target set for them in the 2024 fiscal year.
He commended NNPC Ltd for contributing N4.5 trillion in revenue to the federation account between January and October of the current year. However, as a fully commercialized entity, he stressed the necessity for achieving even more, particularly in the upcoming 2024 fiscal year.
President Bola Tinubu’s budget presentation highlighted a strategic shift, advocating for reduced deficit budgeting in 2024 (N9.18 trillion) compared to the N13.4 trillion utilized in the concluding 2023 fiscal year.
Senator Sani Musa assured that the Finance Committee and other pertinent committees from the Senate and the House of Representatives would maintain oversight and regular engagement with revenue-generating agencies. This proactive approach aims to ensure the generation of the required revenues for the full implementation of proposals outlined in the 2024 budget.
On the sidelines of a colloquium commemorating the 61st Birthday celebration of Senate President Godswill Akpabio last Thursday, Senator Sani Musa expressed optimism about the attainability of the proposed N100 trillion budget size for 2025. He emphasized that the ambitious budget size is within reach with concerted efforts from revenue-generating agencies to curb leakages.
