By Oduyemi Odumade
The Accountant General of the Federation, Mrs Oluwatoyin Madein, says revenue generation and collection is dwindling in comparison with expenditures that are set against the money collected.
Mrs Madein disclosed this at the 2023 Medium Term Expenditure Framework (MTEF) session by the house of Representatives.
She stated that series of efforts are currently ongoing to shore-up revenue, block the leakages and improve on the revenue that are being brought into the federation.
“In as much as the revenue would be in this position, the expenditures too has not also been helping matters, especially with the current economic reality, where prices of things are going up regularly.
According to her, the strategies to increase revenue must be worked upon on a continuous basis to ensure that there are funds to meet the expectations of Nigerians.
The Chief Executive Officer Ministry of Finance Incorporated, (MOFI) Mr Armstrong Katang, said MOFI was designed to establish a Federal Government assets register that provides feasibility over its assets.
This he said would make government to know what it owns and what it owes.
“That information allows us to better optimize our investment assets, allow us to track the revenues that those assets ought to be contributing and are contributing to our revenue.
The Chairman House committee on Finance, Mr James Faleke, stated that the National Assembly has witnessed an alarming reduction in amounts accruing to the federation account from crude oil sales.
He observed that even in the light of the revenue shortfalls, the Federal Government is still losing revenue from various waivers and exemptions granted various organisations. In 2024 the Budget Office has estimated a loss in revenue of over N2.7 trillion.
Faleke warned that the Committee will not accept such laxity on the part of MDAs in not negotiating the best for the Country.
Edited By Grace Namiji
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