From Ndubuisi Orji, Abuja
House of Representatives Committee on Appropriations has charged Government Owned Enterprises ( GEOs) to raise their revenue targets for the 2024 fiscal year.
The chairman of the Committee, Abubakar Bichi, who gave the charge, at an interactive session between the committees and GEOs, said it is imperative to raise the revenue targets to enable the Federal Government deliver on the budget.
President Bola Tinubu, had last month, presented a N27.5 trillion Appropriation Bill to the National Assembly; with N18 trillion as the projected revenue.
So far some of the revenue-generating agencies that has appeared before the committee has affirmed that it is possible for them to surpass their 2024 revenue projections.
During the committee’s engagement with the Nigeria Customs Service ( NCS), Bichi had asked “is there any possibility to increase your target in 2024? Because I said earlier, we need more revenue and you have done very well in 2023, you have almost 90 per cent.”
The Comptroller General of Customs , Wale Adeniyi, said it was possible for the service to raise its N 5trillion revenue target to N 6trillion, if the environment is right.
Adeniyi said “we are targeting N5 trillion but it is not impossible for us to make N6 trillion if some of the issues around the operating environment are talked about. If we are able to review the concession that we are going to grant in 2024, we might get there.
“At the beginning of July, excise on single-use plastics products was suspended. We believe that if the suspension is lifted, something in the region of N300 billion can be realised from single-use plastics alone.
“The excise duty on alcohol and tobacco. There is a projection to increase it to 30 per cent. I this is done, we expect that revenue will get to where we want it.”
Also, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Executive Secretary, Gbenga Komolafe,
said the agency is targeting N5.6 trillion revenue for 2024.
Komolafe, while responding to lawmakers query, said “We have the potential to increase the current production based on the field development plans we already have. We see an incremental of 300,000 barrels.
“We are committed to achieving and surpassing the target. In terms of figure, the N5.6 trillion, we are committed to surpassing it and go toward N6 trillion.”
Similarly, the Executive Secretary, Nigerian Communication Commission (NCC)Aminu Maida told lawmaker that the agency is projecting N350 billion revenue for the year 2024, out of which N224 billion will be remitted to the Consolidated Account.
Maida, while stating that he shares the committee desire for improved revenue generation noted “I pray that we will exceed the revenue target. As a regulator, we have to balance the growth of the industry. What we need to do is to let the industry grow and have more people using telecommunication, therefore, we can get more annual operating levy.”