The Senate Committee on Finance has tasked the federal government revenue-generating agencies to strive to surpass the target of N18.324 trillion, set for the 2024 fiscal year as aggregate revenue inflow.
Checks revealed that in the budget presented to a joint session of the National Assembly by President Bola Tinubu last month, the sum of N27.503trillion was offered as the total projected expenditure for the 2024 fiscal year, out of which N18.324trillion is set as targeted revenue while N9.18trillion is deficit, to be financed by internal and external borrowings as well as proceeds from privatisation.
Senator representing Niger East and Chairman of the Finance Committee, Sani Musa at the interactive session with the heads of revenue generating agencies, last week, admonished them not only to meet up with projected revenues targeted for them but surpassed them.
While addressing the Nigerian National Petroleum Company Limited (NNPCL), led by its Group Chief Executive Officer (GCEO), Mele Kyari, Sani Musa declared that the oil giant must exceed the 2024 revenue target.
“It is heartwarming that based on your submission, NNPCL has within January and October this year, raked in N4.5trillion as revenue and remitted it into the federation account.
“But being a fully commercialised company now, more of such are needed, particularly in the 2024 fiscal year.
“President Bola Tinubu on his part, in the budget presented to us, clearly demonstrated that deficit budgeting should be eased out by projected less for 2024 ( N9.18trillion ) as against N13.4trillion used for such in the ending 2023 fiscal year.
“This committee in particular, and other relevant standing committees of both the Senate and the House of Representatives, would by way of oversight and regular interface with revenue generating agencies, ensure that required revenues are generated for full implementation of the proposals and projections made for the 2024 budget”, he said.
Also at the sideline of a colloquium organised to commemorate the 61st Birthday celebration of President of the Senate, Godswill Akpabio last Thursday, Senate Musa also told journalists that the N100trillion budget size proposed by the guest speaker at the event, Olisa Agbakoba (SAN), was achievable.
“The suggested budget size for 2025 may look big but achievable if all the revenue generating agencies, buckled up and prevent leakages in anyway”, he said.
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