2024: Surpass N18.3trn Target, Senate Tasks Revenue Generating Agencies 

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

This is as the Senator representing Niger East, Sani Musa, opined that a N100trn budget size for the nation was achievable if revenue leakages were plugged.

Recall that President Bola Tinubu had in November presented to the joint session of the National Assembly a N27.503trillion budgetary proposal for 2024 fiscal year, out of which N18.324trillion was targeted revenue while N9.18trillion was deficit, to be financed by internal and external borrowings as well as proceeds from privatisation exercise.

In assessing the preparedness of the agencies ahead of the task, the Senate Finance Committee chaired by Senator Mohammed Sani Musa (APC, Niger East), had separate interfaces with the revenue generating agencies last week, telling them not only to meet up with projected revenue but to surpass the target.

Specifically on Thursday last week at one of such interfaces with the Nigerian National Petroleum Company Limited (NNPCL), led by its Group Chief Executive Officer (GCEO), Mele Kyari, the Senate Committee challenged the oil company to surpass its revenue target in the 2024 fiscal year.

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

“But being fully a commercialised 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 projecting less for 2024 (N9.18trillion) as against N13.4trillion 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 interfaces with revenue generating agencies, ensure that required revenues are generated for full implementation of the proposals and projections made for the 2024 budget,” Senator Sani Musa stated.

In the same vein, Senator Sani Musa said a N100trillion budget size for the country as proposed by legal luminary, Olisa Agbakoba ( SAN), was achievable.

The chairman of the Senate Committee on Finance spoke to journalists on the sidelines of a colloquium organised to commemorate the 61st birthday anniversary of President of the Senate, Godswill Akpabio, last Thursday in Abuja, where Agbakoba was the guest speaker.

“The suggested budget size for 2025 may look big but achievable if all the revenue generating agencies buckle up and prevent leakages in any way,” the lawmaker stated.