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2024: Surpass N18.3trn Budget Target — Senate To Revenue Generating Agencies

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The Senate has asked the various federal revenue generating agencies to go beyond the target of N18.324trillion set for the 2024 fiscal year as aggregate revenue inflow.“

Assessing the preparedness of the agencies ahead of the task , the Senator Sani Musa (APC, Niger East) led Senate Committee on Finance, had in separate interface with the generating agencies, told them not only to meet up with projected revenues targeted for them, but should surpass them.

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

At the interface last week with the Nigerian National Petroleum Company Limited, NNPCLtd, led by its Group Chief Executive Officer, Mele Kyari, Sani Musa, who tasked them to surpass revenue targeted from them in the 2024 fiscal year, said: “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 Tinubu on his part, in the budget presented to us, clearly demonstrated that deficit budgeting should be eased out by projected less for 2024 (N9.18trillion) 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 interface with revenue generating agencies , ensure that required revenues are generated for full implementation of the proposals and projections made for the 2024 budget.

Senator Musa at the sideline of colloquium organised to commemorate the 61st Birthday celebration of President of the Senate, Godswill Akpabio, also told journalists that N100trillion budget size proposed by the guest speaker at the event, Olisa Agbakoba, SAN, was achievable.

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

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