The Nigerian Senate has expressed worries about the federal government's plan to secure loans for the national budget, despite revenue-generating agencies surpassing their 2024 revenue targets. The Nigeria Customs Service, Nigerian National Petroleum Company Limited, and Federal Inland Revenue Service all reported exceeding their goals, with the FIRS collecting ₦5.7 trillion from company income tax alone. Despite these positive revenue performances, the government is seeking a $2.2 billion loan to fund development projects.
The Nigerian Senate has expressed concerns over the decision of the Bola Tinubu -led federal government to seek loans to fund the nation's budgets, despite exceeding revenue projections. The development comes after revenue-generating agencies, including the Nigeria Customs Service , Nigerian National Petroleum Company Limited , and Federal Inland Revenue Service , reported surpassing their 2024 revenue targets.According to reports, the Nigeria Customs Service generated ₦5.
According to the lawmaker, that did not justify the revenues and loans secured by the government.“Budget performance is abysmally 30% as of November, and we are already on the verge of receiving the 2025 budget,” he said with frustration.The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, defended the government's decision to borrow, stating that borrowing, when invested for the right purposes, stimulates growth and production.
Nigerian Senate Bola Tinubu Federal Government Loans Revenue Budget Nigeria Customs Service NNPCL FIRS
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Only two Nigerian states can survive without FAAC Revenue — BudgITBudgIT, a civic tech organisation, has said that only Lagos and Rivers states can take care of their operating costs without relying on revenue from the Federation Account Allocation Committee. BudgIT disclosed this in its 2024 State of States Report launched in Abuja on Tuesday.
Read more »
BREAKING: Wike vs Fubara: Nigerian government stops October FAAC revenue to Rivers StateThe Nigerian government has confirmed that it has stopped the October monthly Federation Account Allocation Committee, FAAC revenue payment to Rivers State amid the ongoing face-off between Governor Simi Fubara and the Minister of Federal Capital Territory, Nyesome Wike.
Read more »
Let Ifeanyi Ubah’s widow replace him as senator – Ndume begs Nigerian senateThe senator representing Borno South, Ali Ndume, has urged the Senate to permit the widow of the late Senator Ifeanyi Ubah to take his place as the representative for the Anambra South Senatorial District. Ndume made this request during a valedictory session on Tuesday that honored the late senator.
Read more »
Senate asks Nigerian military to end Lakurawa terror group’s activitiesThe Senate demanded that relief materials should be distributed to survivors of the attacks carried out by Lakurawa.
Read more »
Nigerian Senate leader partners NMA on free medical outreachMr Bamidele, representing Ekiti Central Senatorial District, officially kicked off the weeklong programme on Tuesday in his Iyin-Ekiti country home.
Read more »
Senate panel wants Nigerian govt to review mining licence to investors'Illegal operators not only undermine revenue but also disrupt oversight functions,' a senator said.
Read more »