Paradox of Federal Government exceeding revenue targets and still borrowing came to the fore on Monday during interactive sessions between the revenue generating agencies and the National Assembly’s joint Committees on Finance , Budget and National Planning on 2025 – 2027 Medium Term Expenditure Frame Work ( MTEF) and Fiscal Strategy Paper ( FSP) .
The revenue generating agencies in their separate presentations before the joint committees on 2024 budget performance and revenue projections for N49.7trillion 2025 budget, made excess revenue target submissions in the 2024 fiscal year .
First to make the submission was the Comptroller – General of Nigeria Customs Service ( NCS) Bashir Adeniyi who said by 30th of September this year, Customs has raked in N5.352trillion revenue which is above N5.09trillion targeted for the entire 2024 fiscal year .
He added that N6.3trillion is targette as projected revenue for 2025 , 10% increase of which would be the revenue target for 2026 and additional 10% increase for 2027 fiscal year .
The Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited ( NNPCL), Mele Kyari in his own presentation, said the Company exceeded the N12.3trillion revenue projected for 2024 by already raking in , N13.1trillion .
The Chairman of Federal Inland Revenue Service ( FIRS ), Zacch Adedeji in his presentation, also informed the joint committees adding that FIRS had surpassed targeted revenues across the various tax components .
Giving similar reason , the Minister of Budget and Economic Planning , Senator Atiku Bagudu , said the federal lawmakers should not forget that the borrowing plans contained in the N35.5trillion 2024vbudget , were primarily meant to fund the deficit which is N9.7trillion .
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun , also explained to the federal lawmakers that borrowing was still needed for proper funding of the budget despite increased revenues made by some agencies .
