Several revenue-generating agencies have pledged to surpass the revenue projections outlined in President Bola Ahmed Tinubu’s 2024 budget proposal.
The Nigerian Customs Service (NCS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Communications Commission (NCC) expressed their commitment during a session before the House of Representatives Committee on Appropriations on Monday.
President Tinubu had presented a N27.5 trillion budget to the joint session of the National Assembly, featuring a projected revenue of N18 trillion.
The Committee on Appropriations consistently emphasized the need for government-owned enterprises (GOEs) to exceed the revenue targets outlined in the budget proposal.
The Comptroller General of Customs, Wale Adeniyi, addressed lawmakers, revealing that the NCS has set a target of N5 trillion in revenue for 2024.
Adeniyi proposed generating an additional N1 trillion by lifting the suspension of duty on single-use plastic and increasing the duty on alcohol and tobacco.
He indicated a potential achievement of N6 trillion if certain operational issues were addressed.
Gbenga Komolafe, Executive Secretary, NUPRC stated that the commission is projecting a revenue of N5.6 trillion for 2024.
In response to lawmakers’ queries, Komolafe expressed confidence in exceeding this figure, citing the potential to increase daily oil production by 300,000 barrels.
Despite challenges in the upstream sector, he affirmed the commitment to surpassing the N6 trillion target.
On the other hand, NCC Executive Vice Chairman, Aminu Maida informed the Committee that the commission is projecting N350 billion for 2024, with N224 billion to be remitted to the Consolidated Account.
Maida emphasized the NCC’s focus on sectoral growth over revenue generation, expressing a desire to exceed the revenue target.
He revealed plans to launch a revenue collection app by Q2 2024 and deploy a revenue assurance system.
When pressed by the committee, Maida requested time to review the NCC’s books for a definitive answer on revenue projection.
Committee Chairman Bichi emphasized the committee’s commitment to prioritizing revenue generation to support the programs outlined in the 2024 budget.
