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Just In: Reps Declare 2024 Budget Revenue Projection Inadequate, Summons FIRS, NNPCL, And Others Agencies

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The House of Representatives Committee on Appropriations has expressed dissatisfaction with the estimated revenue outlined in the 2024 budget, deeming it “inadequate.” Chairman of the Committee, Abubakar Bichi, conveyed this sentiment during a budget defense session on Friday…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

Bichi emphasized that government-owned enterprises (GEOs) have not declared sufficient revenue, and he called for these revenue-generating agencies to contribute more. President Bola Tinubu presented the 2024 budget with a total expenditure of N27.5 trillion and projected revenue of N18 trillion.

Bichi underscored the insufficiency of the declared revenue, particularly in relation to critical projects outlined in the budget. He cited an example of a N60 billion, 60 km project allocated a mere N1 billion in the budget, expressing concern that such allocations would lead to prolonged project completion times.

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In addressing the revenue issue, the Minister of Budget and National Planning, Atiku Bagudu, acknowledged the inadequacy of the estimated revenue to cover the budget. He revealed that the President has directed ministers to explore alternative funding sources beyond the Appropriations Bill.

Bagudu highlighted the disparity in Nigeria’s budget compared to other populous countries, noting that of the top 10 most populous nations globally, Nigeria has the smallest budget. He cited examples such as Mexico and Brazil, which have significantly larger federal budgets despite having similar or smaller population sizes.

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To address these concerns, the Committee summoned government-owned enterprises, including the Federal Inland Revenue Service (FIRS), Nigerian Communications Commission (NCC), Nigeria Customs Service (NCS), Nigerian National Petroleum Company Limited (NNPCL), among others. These entities are required to appear in person on Monday at 10 am.

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Don’t Burn Tyres On New Roads — FERMA Begs Abia Residents.

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The Federal Road Maintenance Agency (FERMA) has appealed to residents of Abia State and other road users along the Aba–Azumini highway to protect the newly completed road from activities that could damage it.....KINDLY READ THE FULL STORY HERE▶

FERMA’s South-East 2 Zonal Director, Suleiman Mohammed Omonowo, issued the warning during an inspection of the project, cautioning against the burning of tyres during celebrations, which he said could damage the road surface.

He noted that destructive practices by some youths and community members often contribute to the early failure of road projects across the country.

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“Our advice to road users, especially indigenes, is to protect the road from destruction. Let nobody come and destroy it or burn tyres in the name of celebration,” he said.

Omonowo said the Aba–Azumini highway was previously in a very bad condition before FERMA intervened, describing it as a death trap for commuters and residents.

He also expressed satisfaction with the quality of work done on the project, adding that drainage structures such as catch pits would help prevent flooding and extend the lifespan of the road.

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According to him, the highway serves as a major link between Aba, several Abia communities, and Cross River State, carrying heavy traffic daily.

He urged local construction firms to improve on quality delivery to compete effectively with foreign contractors.

Meanwhile, the Federal Roads Maintenance Engineer in Abia State, Festus Okafor, said FERMA workers have not faced harassment or violence from residents during operations in the state.

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Ndume Condemns Killing Of Soldiers, Civilians In Deadly Borno Attack.

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Senator representing Borno South, Ali Ndume, has condemned the killing of six soldiers and several civilians in a Boko Haram attack on Mussa village in Askira Uba Local Government Area of Borno State.....KINDLY READ THE FULL STORY HERE▶

The incident reportedly occurred around midday on Wednesday when insurgents attempted to breach a military position in the community.

Security sources said troops engaged the attackers in a gunfight, during which several terrorists were also killed.

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Describing the attack as tragic, Ndume called for stronger military action and improved equipment for security forces to tackle insurgency in the region.

He urged the Federal Government to prioritise training, equipment, arms, and motivation for the armed forces, stressing that modern weaponry is essential to defeating terrorist groups.

Ndume also called for the deployment of advanced military hardware, including armoured vehicles, fighter jets, and drones, to strengthen counter-insurgency operations.

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He commiserated with the families of the victims and commended the efforts of the military, police, Civilian Joint Task Force, and local vigilantes in the ongoing fight against terrorism.

The senator further reiterated the need for sustained government support to security agencies to prevent further attacks and loss of lives in the region.

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Who Will Pay This Debt? — Expert Reacts as Nigeria’s Public Debt Hits ₦159 Trillion.

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Financial expert Paul Alaje has warned that Nigeria’s rising debt burden will not only affect current citizens but also future generations.....KINDLY READ THE FULL STORY HERE▶

Reacting to the latest debt figures, Alaje said the country’s growing debt stock means higher repayment and servicing costs, which are ultimately funded through taxes and government revenue.

He explained that the ₦159 trillion debt reported by the Debt Management Office represents all outstanding loans owed by both the federal and state governments, with no cancellations or write-offs.

“The higher our debt stock, the higher the cost of servicing it,” he said, adding that increasing borrowing will continue to put pressure on the economy.

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Alaje projected that Nigeria’s debt could rise further in the coming years, warning that it may exceed $160 billion by 2026 as new loans are added.

According to him, the country’s debt continues to grow as new borrowings are approved, adding to an already heavy fiscal burden.

DMO data shows Nigeria’s total public debt stood at ₦159.28 trillion as of December 2025, up from ₦153.29 trillion in the previous quarter.

The figure reflects both domestic and external debt, with domestic borrowing accounting for the larger share.

With Nigeria’s population estimated at about 220 million, the debt translates to roughly ₦724,000 per citizen.

Alaje warned that inflation and rising debt servicing costs are reducing purchasing power and worsening economic pressure on households.

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He said the burden of repayment will ultimately fall on citizens through taxes, and in the long term, even future generations.

“The entire citizens will pay… and yes, the unborn generation will also pay,” he said.

The economist added that despite claims of improved revenue, government spending needs continue to outpace income, making borrowing unavoidable as a short-term solution.

He concluded that unless revenue growth matches rising expenditure, Nigeria’s debt burden will continue to increase.

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