The Senate’s Committee on Finance has called upon various federal government revenue-generating agencies to exceed the targeted revenue of N18.324 trillion set for the 2024 fiscal year.
President Bola Tinubu recently presented a total projected expenditure of N27.503 trillion for the 2024 fiscal year before the joint session of the National Assembly. Out of this amount, N18.324 trillion is earmarked as targeted revenue, while N9.18 trillion represents the projected deficit to be covered through internal and external borrowings as well as proceeds from privatisation.
In assessing the readiness of these agencies for the task, the Finance Committee, led by Senator Mohammed Sani Musa (APC Niger East), held separate meetings with them in the past week. The committee emphasized not just meeting but surpassing the revenue projections assigned to them.
During a recent interface with the Nigerian National Petroleum Company Limited (NNPCLtd), led by its Group Chief Executive Officer, Mele Kyari, Sani Musa urged them to exceed the revenue targets set for the 2024 fiscal year. He acknowledged the company’s contribution of N4.5 trillion in revenue remitted into the federation account between January and October of the current year but emphasized the need for further contributions, given the company’s commercialized status.
“President Bola Tinubu’s budget presentation indicated a shift away from deficit budgeting by projecting a lower deficit of N9.18 trillion for 2024 compared to the N13.4 trillion used in the ending 2023 fiscal year. Our committee, along with other relevant standing committees, will ensure oversight and regular interface with revenue-generating agencies to ensure the necessary revenues for the full implementation of the 2024 budget,” stated Sani Musa.
Speaking at the sidelines of a colloquium celebrating the 61st Birthday of Senate President Godswill Akpabio, Senator Sani Musa expressed confidence in achieving the proposed N100 trillion budget size for 2025, suggested by guest speaker Olisa Agbakoba (SAN).
“The proposed budget size for 2025 might seem substantial, but it’s achievable if all revenue-generating agencies tighten their processes and prevent leakages,” he emphasised.
