Connect with us

Politics

Senate gives revenue agencies N3trn target for 2022

Published

on

Senate gives revenue agencies N3trn target for 2022

National Assembly has given revenue generating agencies of government N3trillion target for 2022, saying they are capable of generating and remitting the whopping amount annually to the coffers of the federal government if efforts are made to cut down on wasteful spendings.

Senate President, Dr. Ahmad Lawan, disclosed this on Monday in Abuja while declaring open an interactive session “on the need to improve internally generated revenue of the federal government of Nigeria and revenue projections of the agencies as contained In the Appropriation Act, 2022.”

READ ALSO:“I wonder how you guys survive” – BBNaija’s Tega mocks her trolls

Lawan explained that the purpose of the meeting between the Senate leadership and members of the Committee on Finance and the agencies, was to explore means of increasing government revenues.

 

According to him, one of such ways is for the National Assembly to be rigid on increased revenue to cut down on the country’s budget deficit and borrowings, as well as prevent wasteful expenditures by agencies of government.

 

He assured that the upper chamber would provide the needed support through legislation to ensure that revenue agencies perform to meet and surpass their targets.

READ ALSO: We’re waiting for you in APC, Lawan tells Gov. Udom

He said: “In 2022, the National Assembly assumed and rightly so, that our government owned enterprises can generate up to N3 trillion if we are of the mindset that we can achieve that and, of course, ensure that we oversight to stall any possibility of unwarranted expenditures by agencies of government.

 

“But that does not mean in any way that it is going to be some kind of investigation on what you do, but an encouragement of what you need to do.

 

“In this meeting and subsequent ones, there should be no holds barred on discussions.

 

“Where an agency feels it is encumbered in any way from achieving its target, it should say so, so that we are able to prescribe the right solutions for it to perform.

 

“As a National Assembly, let me say that the Senate particularly will be stiff on generating more and more revenue. READ ALSO: SAD..Zamfara lawmaker dies at 68

 

“We will be rigid, we will continue to insist, because we believe that this is one sure and guaranteed way of reducing our deficit and borrowing.

 

Lawan explained that the drive by the upper chamber for more revenues to the coffers of government, would enhance the economy and facilitate infrastructural development.

 

“This committee is modified, because the leaders of the Senate believe that we can do far better and we have seen signs when last year some of the agencies performed beyond expectation.

 

“So, it is an opportunity for us to save and enhance our economy and, of course, make Nigeria achieve more infrastructural development which is the goal of this administration and every Nigerian.

 

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

 

“Prudence is of essence here, when we spend our money. And when we borrow, like the National Assembly has always tried to do, we borrow to treat specific projects and programmes of government”, the Senate President said.

 

Earlier, the chairman of the Committee on Finance, Senator Solomon Adeola lamented that there was insufficient funds for the implementation of policies and projects captured in the 2022 budget of the federal government.

READ ALSO: Tyson Fury and Dillian Whyte’s heavyweight title showdown confirmed for April

He explained that the funds were derived partly from the revenue generated by the government owned enterprises and other independent revenues sources of the federal government.

 

According to the lawmaker, “there is an urgent need for all hands to be on deck on revenue generation for government, as well as prevent misuse and leakages of such revenue for frivolous purposes not sanctioned by the laws of the National Assembly.”

 

He advised that for government to reduce and eliminate deficit budgeting associated with the nation’s budget over the years, effort must be made to minimise borrowing to fund projects.

 

Facebook Comments Box

DOWNLOAD ROYAL NEWS eCOPY March 28, 2022


Copyright 2022 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.

Contact: info@royalnews.com.ng

Download ROYAL NEWS app

Advertisement
Click to comment

Leave a Reply

Your email address will not be published.