The National Assembly has raised concerns over President Bola Tinubu’s loan requests, despite revelations that several federal revenue-generating agencies have significantly exceeded their 2024 targets.
During an interactive session with the National Assembly’s Joint Committees on Finance, Budget, and National Planning, Federal Inland Revenue Service (FIRS) Chairman, Zacch Adedeji, disclosed that N1.5 trillion in education tax had been collected, surpassing the initial N70 billion target.
Adedeji also highlighted that N5.7 trillion had been realized from company income tax, exceeding the N4 trillion target.
Similarly, Nigerian National Petroleum Company Limited (NNPCL) CEO Mele Kyari reported revenues of N13.1 trillion as of September, outpacing the N12.3 trillion target for 2024.
Meanwhile, the Nigeria Customs Service announced it had collected N5.35 trillion, surpassing its N5.09 trillion goal.
These revelations prompted lawmakers, including Senator Adamu Aliero, to question the necessity of borrowing amidst growing internally generated revenue.
In response, Adedeji explained that the loan requests align with the National Assembly-approved budget, which includes a N9.7 trillion deficit.
Finance Minister Wale Edun and Budget Minister Atiku Bagudu defended the borrowing, citing the need for deficit financing and long-term development goals under Agenda 2050.
In a related issue, the National Assembly criticized the Nigeria Immigration Service over a lopsided public-private partnership on passport production, which gave a consultancy firm 70% of the proceeds and the government 30%.
The Chairman of the Committee, Senator Sani Musa, asked for all the documents on the partnership to be submitted to the committee before the end of the week.
He said the so-called PPP arrangement had to be reviewed or cancelled because Nigeria and Nigerians were seriously short-changed.
