Reps Reject GOEs’ Revenue Targets, Summon Ministers, FIRS, NNPC, Others

The House of Representatives Committee on Appropriations has said the projected revenue declared by Government Owned Enterprises (GOEs) is not enough for the country to finance the 2024 budget.

The Hon. Abubakar Bichi-chaired committee gave this indication sequel to its interactive session with the GOEs over the 2024 declaration of revenue yesterday.

He said the rising inflation was a major problem, hence the need for GOEs to appear before the committee for further interaction.

Bichi said reducing the burden of Nigeria’s debt profile, sectoral budgetary allocations, and the dynamics of budget releases, economic diversification strategies, revenue generation forecasts was needed to facilitate the enactment and effective implementation of the Appropriations Act, 2024.

Consequently, the committee summoned the GOEs including the minister of finance, Federal Inland Revenue Service, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Communications Commission, Nigerian Ports Authority, Nigerian National Petroleum Company Limited, Central Bank of Nigeria, among others to appear on Monday.

The committee had turned back representatives of the CBN, Customs Service, FIRS and demanded that their chief executive must appear in person.

The interactive session was to discuss further areas where the country could find money to fund the N27.50 trillion 2024 budget.

Minister of Budget and National Planning, Sen. Atiku Bagudu told the lawmakers that  the 2024 proposal had increased spending, which included infrastructure and education, among others.