National Assembly Summons Minister Of Finance, Nigerian Petroleum Company, NNPCL, Others Over Revenue Projections

National Assembly Summons Minister Of Finance, Nigerian Petroleum Company, NNPCL, Others Over Revenue Projections

National Assembly Summons Minister Of Finance, Nigerian Petroleum Company, NNPCL, Others Over Revenue Projections

We don’t have money; we are looking for money..So that is why we need to interrogate the revenue-generating agencies….

The House of Representatives Committee on Appropriation, has summoned the Minister of Finance and the Managing Directors of the Federal Inland Revenue Service (FIRS), the Nigerian National Petroleum Company Limited (NNPCL), Nigeria Customs Service (NCS), among others to appear before it on Monday for an interaction on how the country can generate substantial revenue to fund the N27.5 trillion 2024 budget.

The House Committee chaired by Abubakar Bichi, at a meeting with government-owned enterprises at the National Assembly Complex, on Friday stated that the revenue target for 2024 was not enough to roll out the drums in celebration.

Bichi, who attributed Nigeria’s rising inflation to a combination of many factors, 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.

According to him, 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, PUNCH reports.

The committee also invited the Governor of Central Bank of Nigeria, Minister of State for Petroleum, the Nigerian Ports Authority, Comptroller General of the Nigeria Customs Service, and a host of others to appear before it on Monday to deliberate on the revenue generation and other related issues.

Recall that the House 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.

Bichi further 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.

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“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.

He noted that there were concerns about the Nigerian Government’s ability to address the infrastructural gap in the country, eliminate poverty, and deliver the 2024 budget satisfactorily.

Earlier, Minister of Budget and National Planning, Atiku Bagudu, in a meeting with the House committee, emphasized on the need for Nigerians to assist the President Bola Tinubu-led government to successfully implement the 2024 budget.

The minister said that “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.”

National Assembly Summons Minister Of Finance, Nigerian Petroleum Company, NNPCL, Others Over Revenue Projections