The House of Representatives Committee on Appropriations has declared the estimated revenue in the 2024 budget as “inadequate”.
The Committee also accused all Government Owned Enterprises (GOEs) of under-declaration of revenues remitted into the Federation Account for 2023 fiscal year.
To this end, the Committee chairman summoned Government Owned enterprises to include the minister of Finance, FIRS, NUPRC, NCC, CG Customs, NNPC, NPA, NIMASA, Minister of State for Petroleum, the CBN Governor among others to appear in person on Monday 10 am prompt.
The Chairman of the Committee, Abubakar Bichi stated this on Friday during a budget defence session.
He stated that the government-owned enterprises, GEOs, have not declared sufficient revenue, adding that the revenue-generating agencies must be made to declare more.
It would be recalled that the 2024 budget was presented by President Bola Tinubu with a total expenditure of N27.5 trillion and revenue of N18 trillion.
“The declaration, we feel like it is not enough — if you consider the critical projects which have been captured in this budget. You can see a 60 km project that is worth N60 billion but you only have N1 billion in the budget, which will take 40 years to complete.
“We need to sit down with GEOs, they need to come up with more money so that we can support the President,” Bichi said.
Speaking on revenue, the Minister of Budget and National Planning, Atiku Bagudu also acknowledged that the estimated revenue is too small to address the budget.
He stated that the President has directed ministers to think “outside the box” on funding projects outside the Appropriations Bill.
Bagudu said the revenue estimate of Nigeria is too poor compared to other countries with similar population sizes.
“Of the 10 most populous countries in the world, we have the smallest budget. Mexico with 120 million people have about 314 billion dollars in annual budget. Brazil which follows us in population ranking has about $700 billion federal budget.
“The only country that we are close to is Pakistan which is not resources endowed as us. But even Pakistan their federal budget for 2024 is 45 billion US dollars. In dollar terms, even at N750 exchange rate, we are about $35 billion,” he said.
