The lawmakers said the revenue agencies of the federal government need to do more to generate revenue for the budget.

The House of Representatives, on Friday, rejected the representatives of the Central Bank of Nigeria (CBN) Governor and Comptroller General of Nigeria Customs Service (NCS) insisting they appear personally to defend their 2024 budget proposals.

Also the representatives of the Federal Inland Revenue Service (FIRS) were also rejected by the House Committee on Appropriation.

Chairman of the House Committee on Appropriation, Abubakar Bichi, said at the committee’s budget defence session in Abuja on Friday that the heads of the agencies were duly invited for the interactive session.


Committee summons revenue agencies

Mr Bichi said the head of revenue agencies should appear before the committee on Monday to discuss their revenue projections.

Those invited are the Central Bank Governor, Olayemi Cardoso, the Chairman of the Federal Inland Revenue Service (FIRS), Zach Adedeji, the Comptroller General of Customs, Bashir Adeniyi, and other revenue generating agencies.

“We need to sit down with GEOs. They need to come up with more money so that we can support the president,” he said.

This comes barely three says after another committee of House of Representatives, the Committee on Public Petitions, has issued a warrant of arrest on the CBN governor, Olayemi Cardoso, for refusing to appear before it to answer questions on the oil sector.

The committee also ordered the arrest of the Accountant General of the Federation, Oluwatoyin Madein, and 17 others.

Others are heads of Alteo Eastern E&P Co. Ltd., First Exploration & Production Ltd., The Md, First E&P Oml 8385 Jv, Heirs Holdings Oil and Mobil Producing Nigeria Unlimited (Mpnu).

The decision was taken on Tuesday during the sitting of the committee while considering a petition filed by one Fidelis Uzowanem, who alleged multiple infractions committed by players in the oil and gas sector in connivance with government officials.

He said his petition was on the Nigeria Extractive Industries Transparency Initiative (NEITI) report of 2021.


Revenue profile low

Mr Bichi reiterated at the budget defence hearing on Friday that the total revenue is small, stating that Government-Owned Enterprises (GOEs) should be given a higher revenue target to ensure a reduction in the total deficit in the budget.

He said the revenue-generating agencies must generate money because, without money, there is no magic President Bola Tinubu will perform to ensure the full performance of the budget.

“The objective of this engagement is, among others, to provide highlights on some key issues in relation to the preparation, enactment, and implementation of the 2024 budget,” he said.

He said this includes strategies for addressing rising inflation, reducing the burden of Nigeria’s debt profile, sector budgetary allocations, and the dynamics of budget releases.

Others, according to committee chairman, are economic diversification strategies, revenue generation forecasts, and other useful information that will facilitate the enactment of the bill and effective implementation of the Appropriations Act, 2024.

He said there were concerns about addressing the infrastructure gap in the country, eliminating poverty, and generally achieving the 8-Point Renewed Hope Agenda.

Mr Bichi said there was a need to ensure that all loose ends to revenue were tied, adding that this could have a gross impact on the government’s ability to implement the 2024 Appropriation Bill.

“While the revised MTEF (Medium Term Expenditure Framework) and FSP (Fiscal Strategy Paper) showed that revenue-generating efforts by the present administration are already yielding fruit, more needs to be done.

“This is to ensure that government-owned enterprises optimise their revenue-generating potential,” he said.


Nigeria collects 10 per cent revenue – Minister

Also speaking, the Minister of Budget and National Planning, Atiku Bagudu, said the interactive session represented a beckon of light to shed light on the budget.

“Mr. President is ambitious, and he is very clear that Nigeria is not where it is; the revenue we collect is about 10 per cent, and the president has directed that we raise it to 18 per cent.”

“We understand that the lawmakers are interested in how money is spent. You are also interested in how you can cooperate with the executive to ensure we take Nigeria to a greater height’’, he said.

Mr Bagudu, a former governor of Kebbi State, said the 2024 proposal had increased spending, which included infrastructure and education, among others, adding that the budget appropriation had included a proposal for $100 billion for the Sustainable Agriculture Fund.

According to him, the federal government also wants to ensure that the nation’s manufacturing sector will worry less about demand than production.

He therefore said that “all of us must work together to ensure we interrogate the revenue-generating agencies.

“We need a budget that can be trusted. We don’t have the money; we are looking for the money, so that is why we need to interrogate the revenue-generating agencies.”

Mr Bagudu said Nigeria has the smallest budget compared to countries of similar status.

“Of the 10 most populous countries in the world, we have the smallest budget. Mexico with 120 million people has about $314 billion in annual budget. Brazil, which follows us in population ranking, has about a $700 billion federal budget.

“The only country that we are close to is Pakistan which does not have the same resources as us. But even Pakistan, their federal budget for 2024 is 45 billion US dollars. In dollar terms, even at the N750 exchange rate we are about N35 billion,” he said.

He explained that the current N27.5 trillion budget is less than $35 billion, adding that Nigeria is only at par with Pakistan in terms of revenue.


Projected revenue

The N27.5 trillion 2024 budget, presented to the National Assembly by President Tinubu last week, is projected to be funded with N18.32 trillion in revenue.

Of the aggregate revenue, N7.94 trillion or 43.3 per cent is projected to come from oil-related sources and the balance of N10.39 trillion is to be earned from non-oil sources.

https://www.premiumtimesng.com/news/top-news/649936-2024-budget-house-turns-back-representatives-of-cbn-customs-firs-heads.html

They need to do more while you lawmakers need to steal more.

That Tinubu supporter that begged Nigerians to use 1m to Japa have seen already the suffering that's awaiting everyone.


Tinubu who claimed to have graduated with first class in accounting is now acting like someone who never attended a secondary school.

I am sorry for calling Buhari a dullard.... Because Tinubu is the real dullard.

We are all aware it's a bazaar budget of frivolities. VeePee residence renovation gulping 15b makes me understand that Ayi Kwei Arma's book is here: THE BEAUTIFUL ONES ARE NOT YET BORN. This government is not for the poor masses. It's an elite affair. Hoping for change is waiting for Godoth.

Tinubu is soo retard and has no idea how to move this nation forward....

He has nothing to offer Nigerians

Tinubu is a tax collector.

The inflation that await Nigerians in the coming years would be unprecedented. By next year fuel would be around 1500.

Cars, engine oil, and all other things.

Transport business done cast

.

This is the best thing to do.

Yemi Cardoso mentioned that he won’t reject NASS invitation during his screening so I don’t see why he won’t honor it when it’s time to act on his pledge.

Acting scripts

No hope for this country. Some people have already given up. We're one of the most religious people, yet our country is always moving backwards instead of forward and progressing

Tinubu, the master strategist in economy nonsense !

Nigeria is just a joke

Are these people OK? Instead of attacking Tinubu with his awkward policies, you're simply chasing shadows. My agent called recently, begging for a freight of just 805usd. I now asked him guy, what's happening, this one you're sending me messages every minute, you were never like this na. He said I should just come to NAHCO and take a look at their warehouse, that they now play football there everyday, what used to be a hub of consignments. At times , the tarmac would be littered with goods cos warehouse had not been emptied yet. The reverse is the case now.

To those saying the reason for our bad economy and worsening naira( about the worst in africa now) was because we're import dependent, you may be getting it all wrong. In less than 10 years ago, naira was strong , economy was OK, investors were always here and there was dollar everywhere such that, officlal and bdc rates were almost at par. In fact, Nigeria didn't witness economic recession at the time the world was in turmoil. How can we get it right in a country where an accountant general...just one person stole over 100bn in a regime of change ?

Being import-dependent isn't the problem here but bad economic policies and fantastic corruption of the apc administration. Our law makers are highest paid yet our GDP didn't carry weight. I've been to several developed economies. They import more than we do yet their economy remains strong, so is their currency. Nigeria today is only giants of Africa on paper. When you get to South Africa, you'd know that giants of Africa is a mere alias.

Nigeria is yet to recover from the border closure against Benin Republic. We can't give what we don't have. Today, cfa has become even stronger despite the closure. 1,000 naira is equivalent to 520 cefa now, isn't that shameful? Today alone, I saw over 5 people begging alms...able bodied men and woman. Is this the renewed hope Tinubu promised his gullible supporters? When we were warning them that all he's been telling Nigerians that he developed lagos, taking the glory of past governors was a lie, those from outside lagos differed. We have no regret for not allowing him win lagos and that alone is a prove he didn't deserve that office.

LegendHero:
This is the best thing to do.

Yemi Cardoso mentioned that he won’t reject NASS invitation during his screening so I don’t see why he won’t honor it when it’s time to act on his pledge.

Keep deceiving yourself. How can he come himself to defend that rubbish of a budget. You want to increase revenue from 10% to 18% by increasing tax at a time when the purchasing power of everyone has been drastically reduced.

You don't force growth, it takes place at its own pace. So far, in my opinion, Tinubu has zero understanding of economics. All he is after is to increase revenue, boast about it and have more money to loot. But the ordinary man on the street won't see shishi.

He thinks this is Lagos. By the end of his administration, na only statistics everybody go chop.

Govt of low IQ... All appointees are mad in this govt

Yankiss:
We are all aware it's a bazaar budget of frivolities. VeePee residence renovation gulping 15b makes me understand that Ayi Kwei Arma's book is here: THE BEAUTIFUL ONES ARE NOT YET BORN. This government is not for the poor masses. It's an elite affair. Hoping for change is waiting for Godoth.

Na waoooo Nigerians when will d spirit of fear feear comot from our body

Okay

Ok

What really happened to Nigerian youths? I wish there was no yahoo. From my Trips to 31 states out of 36 states In Nigeria FCT inclusive, I came to the conclusion that Nigerian youths seem docile because of the scam money they get from unsuspecting CL overseas . If there was no internet scam & no money coming in from illicit funds, Everyone of them would have occupied the streets of Nigeria even Aso rock . I Recommend Efcc & Icpc to intensify their Efforts in arresting any internet fraudster's based in Nigeria . Only then will Nigerian youths hold this Politicians accountable & Demand for an inclusive government where the youths can also have a say . This Men have looted our commonwealth to the detriment of the common man . Sad

Poverty in Nigeria is exaggerated....
There is no poverty in Nigeria
People are buying cars, houses, lands
Na you no wan dey meaningful with your lives...
Keep blaming the government
No go hustle

Today alone I made $1200 from crypto

How can they defend corrupt budget proposal..


why wouldn't they be afraid of such occasion

It's crazy, how we allow the whites treat us like trash. Well if you don't disrespect yourself, no one will disrespect you.

Our economy in Nigeria is currently sinking. If you still don't have a HIGH INCOME SKILL by now, that enables you earn in dollar. Then I pity you. 2024 is just by the corner.

If you wish to learn a HIGH INCOME SKILL,

I strongly recommend ;
📌Ghost writing
📌Affiliate marketing..


09130476127. Let's connect on WhatsApp

P.s : This is for those who are serious about improving their current situation

Siberia01:

Poverty in Nigeria is exaggerated....
There is no poverty in Nigeria
People are buying cars, houses, lands
Na you no wan dey meaningful with your lives...
Keep blaming the government
No go hustle

Today alone I made $1200 from crypto

Olodo
Na people like you they celebrate Tinubu for winning an election as announced by eye neck without going to any presidential debate...

Na statistics you go chop?..

Ok, noted.

Tinubu's orders.

Tax the poor more so there would be more money for the animals in the Aso Villa zoo to feed on.