The Senate has tasked the various revenue generating agencies of the Federal Government to surpass the target of N18.324 trillion set for the 2024 fiscal year as aggregate revenue inflow.
President Bola Tinubu last month presented the 2024 budget to the joint session of the National Assembly.
The total projected expenditure for 2024 fiscal year is N27.503 trillion..
Out of this, N18.324 trillion is set as targeted revenue while N9.18 trillion is deficit to be financed by internal and external borrowings as well as proceeds from privatization.
In assessing the preparedness of the agencies ahead of the task, the Finance Committee chaired by Senator Mohammed Sani Musa had separate interface with revenue generating agencies tasking the agencies not only to meet up with projected revenues targeted for them but surpass them.
At the interface with the Nigerian National Petroleum Company Limited, led by its Group Chief Executive Officer, Mele Kyari, Musa tasked them to surpass the revenue targeted from them in the 2024 fiscal year.
He said: “It is heartwarming that based on your submission , NNPCLtd , has within January and October this year, raked in N4.5 trillion as revenue and remitted it into the 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 projecting less for 2024 (N9.18trillion) as against N13.4 trillion 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.”
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Senator Musa on the sideline of the colloquium organized to commemorate the 61st birthday celebration of President of the Senate, Godswill Akpabio, last Thursday also told journalists that N100 trillion 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 buckle up and prevent leakages in anyway,” he said.
