Reps Challenge Government-Owned Enterprises Over Revenue Under-Declaration

• The House Committee on Appropriations, led by Rep. Abubakar Bichi, summons key figures to address concerns on 2024 revenue targets
• Representatives from CBN, Customs, and FIRS were turned back, emphasizing the urgency for substantial contributions to fund the 2024 budget

The House of Representatives Committee on Appropriations, led by Rep. Abubakar Bichi, held a crucial session on Monday to address concerns regarding the 2024 revenue targets declared by Government-Owned Enterprises (GOEs). Rep. Bichi emphasized that the projected revenues were insufficient, attributing the challenge to the country’s escalating inflation.

Highlighting the pressing issues, Bichi underscored the importance of GOEs appearing before the committee for further interaction. He pointed out that addressing Nigeria’s debt burden, sectoral budget allocations, budget release dynamics, economic diversification, and revenue generation forecasts were critical for effectively enacting and implementing the Appropriations Act, 2024.

To facilitate this, the Committee summoned key figures, including the Minister of Finance, FIRS, NUPRC, NCC, CG Customs, NNPC, NPA, NIMASA, Minister of State for Petroleum, and the CBN Governor, among others, to appear in person on Monday at 10 am.

During the session, CBN, Customs, and FIRS representatives were turned back, with the committee demanding their heads to appear. The interaction focused on exploring avenues for funding the 2024 budget.

Bichi emphasized the urgency for revenue-generating agencies to bring forth substantial contributions, highlighting the necessity of funding President Bola Tinubu’s ambitious 2024 budget.

“The objective of this engagement is to provide highlights on key issues related to the preparation, enactment, and implementation of the 2024 budget,” said Bichi. He expressed concerns about addressing infrastructural gaps, eliminating poverty, and achieving the 8-Point Renewed Hope Agenda.

The Minister of Budget and National Planning, Alhaji Atiku Bagudu, lauded the interactive session as a beacon of light. He acknowledged President Bola Tinubu’s ambitious vision to raise the country’s revenue from 10 percent to 18 percent and emphasized collaboration between the executive and lawmakers to propel Nigeria to greater heights.