The House of Representatives Committee on Appropriation has summoned several government agencies including the Minister of Finance, the Federal Inland Revenue Service (FIRS), the Nigerian National Petroleum Company Limited (NNPCL), and Nigeria Customs Service (NCS) to appear before it on Monday for discussions on generating revenue to fund the N27.5trn 2024 Appropriation Bill.
Abubakar Bichi, the Committee Chairman made the summon on Friday during a meeting at the National Assembly Complex as he emphasized that the 2024 revenue target is insufficient considering the current economic conditions.
He attributed the inflation increase to multiple factors and urged the revenue-generating agencies to outline their strategies for achieving the revenue target and funding the 2024 budget.
In order to address these concerns, the committee extended invitations to the CBN Governor, Minister of State for Petroleum, the Nigerian Ports Authority, the Comptroller General of the Nigeria Customs Service, and others to attend the Appropriation Committee meeting on Monday.
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Bichi stressed the importance of meeting revenue expectations to ensure the success of the 2024 budget, stating that without adequate funds, the budget would only exist on paper.
He highlighted the need for government-owned enterprises to maximize their revenue potential to facilitate infrastructure development and poverty eradication.