Journalism of Courage

2022 Budget deficit, borrowings: NASS gives revenue agencies N3trn target 

“As a National Assembly, let me say that the Senate particularly will be stiff on generating more and more revenue.

By Ajuma Edwina Ameh
Worried by the nation’s huge debt pileup, Senate President Ahmad Lawan says with pragmatic efforts to cut down on wasteful spendings in government, revenue generating agencies of government are capable of generating and remitting N3 trillion annually to the federal government’s coffers.
 Lawan also said the Senate will be rigid on increased revenues to reduce budget deficit, borrowings, Persecondnews reports.
Lawan made this known at a meeting between the Senate leadership and members of the Committee on Finance and revenue generating agencies of government.
According to the Senate President, the purpose of the meeting is to explore means of increasing government revenues.
He added that 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 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 it.
“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.
“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.”
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.
Also speaking, the Chairman of the Committee on Finance, Sen. Solomon Olamilekan Adeola, lamented  insufficient funds for the implementation of policies and projects captured in the 2022 budget of the federal government.
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.
 “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.”
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