The various revenue-generating agencies have been given a challenge by the Senate’s Committee on Finance to surpass the N18.324 trillion objective set for the 2024 fiscal year.
The total projected expenditure for the 2024 fiscal year, which President Bola Tinubu presented to the joint session of the National Assembly last month, was N27.503 trillion. Of that amount, N18.324 trillion is set aside as targeted revenue, and the remaining N9.18 trillion is a deficit that will be covered by borrowing money from both domestic and foreign sources as well as proceeds from privatization.
The Finance Committee, led by Senator Mohammed Sani Musa (APC Niger East), met separately with the agencies last week to evaluate their readiness for the task. They were instructed not only to meet expected revenues but also to exceed them.
Sani Musa specifically gave them the responsibility of exceeding the income target from the Nigerian National Petroleum Company Limited (NNPC) Limited in the 2024 fiscal year during an engagement with them on Thursday of last week. NNPC Limited is run by its group chief executive officer (GCEO), Mele Kyari.
“It is encouraging that, according to your submission, NPC Ltd. generated N4.5 trillion in revenue between January and October of this year and transferred it into the federation account.”However, more of these are required now that the company is fully commercialized, especially in the fiscal year 2024.
In the budget that was submitted to us, President Bola Tinubu, on his part, made it quite evident that the anticipated N9.18 trillion deficit for 2024 should be eased out of the N13.4 trillion that was used for such in the ending 2023 fiscal year.
He stated, “This committee in particular, along with other pertinent standing committees of the Senate and the House of Representatives, would ensure that necessary revenues are generated for full implementation of the proposals and projections made for the 2024 budget through oversight and regular interface with revenue generating agencies.”
At the sidelines of a colloquium held last Thursday to honor Senate President Godswill Akpabio’s 61st birthday, Senator Sani Musa informed reporters that the N100 trillion budget that Olisa Agbakoba, the event’s guest speaker, had suggested was feasible.
He stated, “The projected budget size for 2025 may appear large, but it is doable if all the revenue-generating agencies stepped up and stopped leaks in any manner.”