Revenue generating agencies of the Federal Government have been tasked to strive surpass the N18.3 trillion aggregate revenue intake target set for them in the 2024 federal budget.
The Senate Committee on Finance said the target revenue inflow is achievable if agencies of government maximally utilize their earning powers and block all leakages.
Chairman of the Committee, Senator Mohammed Sani Musa (APC Niger East) said all hands must be on deck to make the economy work and to make the 2024 N27.503trillion Renewed Hope budget of President Bola Tinubu achievable.
President Tinubu had last month, presented to the joint session of the National Assembly, N27.503trillion as total projected expenditure for 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 privatization.
Senator Musa at an interface with the Nigerian National Petroleum Company Limited ( NNPCLtd), led by its Group Chief Executive Officer (GCEO), Mele Kyari, tasked the national oil firm to surpass revenue targeted from them in the 2024 fiscal year.
” It is heartwarming that based on your submission, NNPCLtd, has within January and October this year, raked in N4.5trillion as revenue and remitted it into federation account.
” But being 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.
” 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.
Recall also that in preparedness of the agencies ahead of the task, the Finance Committee had separate interface with revenue generating agencies last week, urging them not only to meet up with projected revenues targeted for them but surpassed them.
