The Federal Government has said that it could consider returning to the National Assembly to increase the size of the 2024 Budget if the revenue increases.
President Bola Tinubu had proposed a N27.5 trillion budget for 2024 to the National Assembly.
Speaking before the Senate Committee on Finance, the Minister of Finance and Coordinating of the Economy, Wale Edun, told the lawmakers that there was tremendous improvement, adding that if the revenue increases, the Federal Government would have no other option than to return to the National Assembly to appropriate the additional revenue.
The Minister said: “The revenue performance was encouraging.
“Here, we see that the revenue performance was encouraging.
“It is expected to continue to be encouraging.
“There is a fiscal policy and tax reform committee, which is already at work.
“It is meant to provide fundamental change together with digitalisation, greater efficiency in collection, because it is revenue to debt that can give us the opportunity to even increase this budget.
“If we have a solid revenue performance, we will be coming back.
“And I am sure Mr. President will authorise the process in return to the National Assembly to appropriate extra revenue.
“That is a situation we are all looking forward to.”
Edun said the Federal Government is looking at how to speed up the procurement process in order to increase capital spending in the 2024 budget.
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He added: “When we look at actual budget performance, expenditure as at the third quarter of the year, which is September, was 32 percent below the budget estimate.
“Revenue was 5 percent up.
“The revenue performance is quite encouraging.”
