The paradox of the Federal Government surpassing revenue targets yet continuing to borrow was spotlighted on Monday during interactive sessions between its revenue-generating agencies and the National Assembly’s Joint Committees on Finance, Budget, and National Planning. The discussions focused on the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Presentations from various agencies revealed they exceeded revenue targets for the 2024 fiscal year, even as projections for the 2025 budget reached ₦49.7 trillion.
The Comptroller-General of Nigeria Customs Service (NCS), Bashir Adeniyi, disclosed that by September 30, 2024, the NCS had generated ₦5.352 trillion, surpassing the ₦5.09 trillion target for the entire year.
Similarly, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, reported that the company had already exceeded its₦12.3 trillion revenue target for 2024, collecting₦13.1 trillion.
The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, also confirmed that the agency had surpassed its targets across various tax categories.
Despite these positive revenue performances, lawmakers questioned why the Federal Government continued to pursue foreign loans. In response, the FIRS Chairman clarified that the loans were already integrated into the appropriation act.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, defended the borrowing, explaining that it was necessary to adequately fund the budget despite increased revenue.
Meanwhile, the Immigration Service faced scrutiny over a controversial private-public partnership (PPP) arrangement for passport production. Lawmakers criticized the terms, which allocate 70% of proceeds to a consulting firm, leaving the government with only 30%.
REPORTER: MARIAM ZAKARI, ADBN NEWS.
