Senate sets N3trn revenue target for federal agencies

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President of the Senate, Ahmed Lawansaid on Monday that federal government revenue-generating agencies were capable of generating 3 trillion naira a year if efforts were made to ensure prudent spending.

Mr. Lawan made this known in Abuja when he opened an interactive session on the need to improve the Federal Government’s Internally Generated Revenue (IGR) and Agency Revenue Projections as stipulated in the Act of credits 2022.

The meeting was held between Senate leadership, members of the Senate Finance Committee and government revenue-generating agencies.

Mr. Lawan said the purpose of the meeting was to explore ways to increase government revenue.

He said the National Assembly would be strict on raising revenue, reduce the country’s budget deficits and borrowing, and prevent wasteful spending by government agencies.

He said the Senate would provide the necessary support through legislation to ensure revenue agencies meet and exceed their goals.

“In 2022, the National Assembly has rightly assumed that our state-owned enterprises can generate up to 3 trillion naira if we are confident that we can achieve it and, of course, that we are careful to block any possibility unjustified expenses in governmental agencies.

“But that doesn’t mean in any way that it’s going to be some sort of survey of what you’re doing, but encouragement of what you need to do.

“At this meeting and the following ones, there should be no limits to the discussions.

“When an agency feels hindered in any way to achieve its goal, it should say so, so that we are able to prescribe the right solutions for it to perform.

“As a National Assembly, allow me to say that the Senate will be particularly rigid in order to generate more and more revenue.

“We will be rigid, we will continue to insist, because we believe this is a safe and guaranteed way to reduce our deficit and our borrowing,” he said.

Lawan said the Senate’s desire to increase government coffers would strengthen the economy and facilitate infrastructure development.

“This committee is being changed because Senate leaders believe we can do much better and we have seen signs when some of the agencies have exceeded expectations over the past year.

“So this is an opportunity for us to save and improve our economy and of course to ensure that Nigeria achieves more infrastructural development, which is the goal of this administration and every Nigerian.

“We believe that when you (the revenue agencies) generate money, we (the National Assembly) appropriate it.

“Caution is key here when we spend our money. And when we borrow, as the National Assembly has always tried to do, we borrow to deal with specific government projects and programs,” the Senate Speaker said.

The Chairman of the Finance Committee, Solomon Adeola, in his remarks, denounced the insufficient funds for the implementation of the projects captured in the Federal Government’s 2022 budget.

He explained that the funds came in part from revenue generated by state-owned companies and other independent revenue streams.

“There is an urgent need for everyone to mobilize to generate revenue for the government and prevent the misuse and leakage of these revenues for frivolous purposes not sanctioned by the laws of the National Assembly,” he said. declared.

Mr. Adeola said that for the government to reduce and eliminate the deficit budgeting associated with the national budget over the years, efforts must be made to minimize borrowing to fund projects.

Revenue agencies present at the interactive session include: National Agency for Scientific and Technical Infrastructure, Federal Inland Revenue Service (FIRS), National Iron and Steel Exploration Agency, Nigerian Postal Service, Lagos Teaching Hospital and the Nigeria Customs Service.

The others were: Nigeria Immigration Service, Nigeria Security and Civil Defense Corps, Nigeria Prison Service, Nigeria Maritime Academy, National Agency for Food Administration and Control and Medicines (NAFDAC) and Abuja Geographical Information Systems (AGIS).

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Also present were the Federal Capital Territory Administration, the Nigerians Power Commission, the Administrative Staff College of Nigeria, the Nigerian Export-Import Bank (NEXIM), the Ports Authority of Nigeria and the College aviation technology company Zaria.

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