Senate Finance Committee Urges Revenue Agencies to Surpass 2024 Fiscal Year Target

The Senate, operating through its Committee on Finance, has called upon various revenue-generating agencies to exceed the set target of N18.324 trillion for the 2024 fiscal year.

Last month, President Bola Tinubu presented a total projected expenditure of N27.503 trillion for the 2024 fiscal year to the joint session of the National Assembly. Of this amount, N18.324 trillion is designated as the targeted revenue, with N9.18 trillion allocated as the deficit, to be funded through internal and external borrowings, as well as proceeds from privatization.

In preparation for this formidable task, the Finance Committee, led by Senator Mohammed Sani Musa (APC Niger East), engaged in separate interactions with the revenue agencies during the past week. The committee emphasized not only meeting but surpassing the projected revenues set for each agency.

During a specific interface last Thursday with the Nigerian National Petroleum Company Limited (NNPC), led by its Group Chief Executive Officer (GCEO), Mele Kyari, Senator Sani Musa urged them to exceed the revenue target outlined for the 2024 fiscal year. He acknowledged NNPC Ltd’s contribution of N4.5 trillion in revenue remitted to the federation account between January and October of the current year but emphasized the need for further contributions, especially considering the corporation’s fully commercialized status.

Senator Sani Musa highlighted the shift away from deficit budgeting in President Bola Tinubu’s proposed budget for 2024, signaling the importance of generating the required revenues for full budget implementation. He assured robust oversight and regular interaction with revenue-generating agencies to ensure the realization of proposed projections.

On a separate occasion at a colloquium commemorating the 61st birthday of Senate President Godswill Akpabio last Thursday, Senator Sani Musa informed journalists that the proposed N100 trillion budget size for 2025, suggested by guest speaker Olisa Agbakoba, was attainable. He expressed confidence in achieving this budget size if revenue-generating agencies remained vigilant and curbed leakages effectively.

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