Surpass N18.3trn Revenue Target For 2024, Senate Tells Revenue Generating Agencies

The Senate, through its Committee on Finance, has tasked the various revenue generating agencies to surpass the target of N18.324 trillion set for the 2024 fiscal year.

President Bola Tinubu had last month, presented to the joint session of the National Assembly, N27.503 trillion as total projected expenditure for 2024 fiscal year, out of which N18.324 trillion is set as targeted revenue while N9.18 trillion is deficit, to be financed by internal and external borrowings as well as proceeds from privatisation.

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

Specifically on Thursday last week at such interface with the Nigerian National Petroleum Company Limited (NNPC) Limited, led by its group chief executive officer (GCEO), Mele Kyari, Sani Musa tasked them to surpass revenue targeted from them in the 2024 fiscal year.

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

“But being a fully 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 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 colloquium organised to commemorate the 61st Birthday celebration of President of the Senate, Godswill Akpabio last Thursday, also told journalists that N100 trillion budget size proposed by the guest speaker at the event, Olisa Agbakoba was achievable.

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