The House of Representatives Committee on Appropriation, on Friday, summoned the Minister of Finance, the Federal Inland Revenue Service, the Nigerian National Petroleum Company Limited, and Nigeria Customs Service, among others to appear before it on Monday for an interaction on how the country can generate substantial revenue to fund the N27.5trn 2024 Appropriation Bill.
This is just as the committee chaired by Abubakar Bichi, at a meeting with government-owned enterprises at the National Assembly Complex, stated that the revenue target for 2024 is not enough to roll out the drums in celebration.
Attributing rising inflation to a combination of many factors, Bichi said it would be good for government-owned revenue-generating agencies to brief the committee on mechanisms in place to ensure that the revenue target is attained to fund the 2024 budget.
Bichi noted that reducing the burden of Nigeria’s huge debt profile, economic diversification strategies and revenue collection are some of the targets that must be realised to make 2024 a great year for the Nigerian economy.
To deliberate on this and related issues, the lawmaker on behalf of the committee invited the CBN Governor, Minister of State for Petroleum, the Nigerian Ports Authority, Comptroller General of the Nigeria Customs Service, and a host of others to appear before the Appropriation Committee on Monday.
The committee had earlier turned back representatives of CBN, Customs, FIRS and demanded their heads to appear.
The interactive session was to discuss further areas where the country could find money to fund the 2024 budget.
He stated that revenue-generating agencies must live to the expectations of Nigerians, adding that without money, the 2024 budget will only be good on paper.
Bichi said, “The objective of this engagement is, among others, to provide highlights on some key issues in relation to the preparation, enactment, and implementation of the 2024 budget.
“While the revised Medium Term Expenditure Framework and Fiscal Strategy Paper showed that revenue-generating efforts by the present administration are already yielding fruit, more needs to be done to ensure that government-owned enterprises optimise their revenue-generating potential.”
He said there were concerns about the Federal Government’s ability to address the infrastructural gap in the country, eliminate poverty, and deliver the 2024 budget satisfactorily
Speaking at an earlier meeting with the committee, the Minister of Budget and National Planning, Atiku Bagudu, spoke on the need for Nigerians to assist the President Bola Tinubu-led government to successfully implement the 2024 budget.
He said, “Mr. President is ambitious, and he is very clear that Nigeria is not where it should be; the revenue we collect is about 10 per cent, and the president has directed that we raise it to 18 per cent.
“We understand that the lawmakers are interested in how money is spent. You are also interested in how you can cooperate with the executive to ensure we take Nigeria to a greater height.
“All of us must work together to ensure we interrogate the revenue-generating agencies.
“We need a budget that can be trusted. We don’t have money; we are looking for money..So that is why we need to interrogate the revenue-generating agencies.”
