Follow Us on Google
From Fred Itua, Abuja
The Senate, yesterday, said it will turn the heat on revenue generating agencies to boost earnings to fund the N21.83 trillion budget in 2023.
It said every kobo generated must be accounted for by various revenue-agencies in the country. It also frowned at tax waivers regime which cost Nigeria about N6 trillion in 2022 fiscal year.
Senate President, Ahmad Lawan, made the disclosure while briefing newsmen as part of activities marking his 64th birthday in Abuja, saying Nigeria cannot continue borrowing for budget implementation.
He said it would no longer be business as usual for revenue-generating agencies in the country as far as targeted revenue generations are concerned.
According to him, aside the problem of insecurity which is being fought headlong by government at various levels, lack of sufficient revenue for execution of national development programmes was another challenge that must be seriously tackled if the cycle of deficit budgeting or incessant borrowings must be stopped .
He said: “Government cannot continue to go borrowing on yearly basis because it is not sustainable. We have to look inward and generate more money to execute landmark projects and fund infrastructures .
“In looking inward , the Senate and by extension, the National Assembly will turn the heat on various revenue generating agencies through relevant committees for optimal performance as far as revenue generation is concerned. The committees through oversight functions , will ensure that each of the revenue generating agency, remit every Kobo generated into the national coffers. Enormous revenue being lost through tax waivers will also be looked into in terms of reviewing the policy or calling for its revocation.
“Most of what we do in terms of national development is in health, borders insecurity I think we have to work hard to improve revenue generation, collection because it is not looking too sustainable that we tolerate people, some agencies of government to misapply or not even declare the revenue they collect. We can’t continue with that. So for us at the Senate we have decided that for the remaining part we will continue to engage revenue generating agencies until we get better outcomes from them.
“We will review the waivers, where the waivers cannot be sustained anymore such waivers should be reversed or renegotiated but definitely we need to work hard to improve on the revenue generation of the nation by the MDAS and other government agencies.”
Lawan said Nigeria has no reason to be poor to the scaring level of having 133 millions of her citizens living below poverty level as recently declared by the National Bureau of Statistics ( NBS) .
