2024 budget: Senate tasks revenue-generating agencies to surpass N18.3 trillion revenue target

By Haruna Salami

The Senate has tasked the various revenue-generating agencies owned by the Federal Government to surpass the target of N18.324 trillion set for the 2024 fiscal year as aggregate revenue inflow.

It will be recalled that President Bola Tinubu had last month, presented N27.503 trillion as a total budget proposal for the 2024 fiscal year out of which N18.324 trillion is set as targeted revenue while N9.18trillion is a deficit to be financed by internal and external borrowings as well as proceeds from privatization.

The Senate Committee on Finance headed by Senator Mohammed Sani Musa (APC Niger East), in assessing the preparedness of the agencies ahead of the task, had a separate interface with them last week, telling them not only to meet up with projected revenues targets for them but surpassed them.

Specifically on Thursday last week at such interface with the Nigerian National Petroleum Company Limited (NNPCL), led by its Group Chief Executive Officer (GCEO), Mele Kyari, Sani Musa tasked them to surpass revenue targets set for them in the 2024 fiscal year.

“It is heartwarming that based on your submission, NNPCL has within January and October this year, raked in N4.5 trillion as revenue and remitted it into the federation account.

“But being a fully commercialized company now, more of such are needed, particularly in the 2024 fiscal year.

“President Bola Tinubu, on his part, in the budget presented to us, clearly demonstrated that deficit budgeting should be eased out by projected less for 2024 (N9.18 trillion) as against N13.4 trillion used for such in the ending 2023 fiscal year.

“This committee in particular, and other relevant standing committees of both the Senate and the House of Representatives, would by way of oversight and regular interface with revenue generating agencies, ensure that required revenues are generated for full implementation of the proposals and projections made for the 2024 budget”, he said.

Senator Sani Musa, at the sideline of the colloquium organized to commemorate the 61st Birthday celebration of President of the Senate, Godswill Akpabio last Thursday, also told journalists that the N100 trillion budget size proposed by the guest speaker at the event, Olisa Agbakoba (SAN) , was achievable.

“The suggested budget size for 2025 may look big but achievable if all the revenue generating agencies buckled up and prevent leakages in anyway”, he said.