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EXPOSED: Government Agencies Are Hiding Revenues While Buhari Is Borrowing Non-stop

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EXPOSED: Government Agencies Are Hiding Revenues While Buhari Is Borrowing Non-stop

Government Agencies Are Hiding Revenues While Buhari Is Borrowing Non-stop

The House of Representatives has accused some revenue generating agencies of the federal government of concealing their revenue while the Buhari regime continues to borrow humongous loans abroad.

The parliament says such malpractices are making proper budgeting hard for the government.

Criticising the way the country resorts to borrowing N5.62 trillion to finance the deficit in the 2022 budget, the House said this could have been avoided if these agencies did not starve the government of funds.

“We are not happy the way Nigeria is borrowing N5.62 trillion and we have some funds somewhere staying fallow without being used.

Government Agencies Are Hiding Revenues

“For God sake, let us build this country together for the sake of all of us,’’ James Faleke, the Chairman, House Committee on Finance, said at the ongoing public hearing on 2022 to 2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) on Thursday in Abuja.

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Mr Faleke said that the major problem facing the country was revenue generation, adding that the House of Reps would be more interested in how much government agencies could save.

He said that if the House of Reps discovered that any of the government agencies’ capital projects were unnecessary, they would be removed in a bid to get revenue for the country.

Government Agencies Are Hiding Revenues

Government Agencies Are Hiding Revenues
Government Agencies Are Hiding Revenues

The committee also directed the Nigeria Communication Commission (NCC) to provide the turnover of amount realised from all network operators from 2018 to 2020.

Mr Faleke said that this would enable the committee to look at their records and be able to determine if the revenue proposal for 2022 to 2024 would be good for the country.

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Some of the agencies invited for the 2022 to 2024 MTEF and FSP public hearing are Nigeria Port Authority, Nigeria Communication Commission, Nigeria Copyright Commission, Nigeria Investment Promotion Commission.

Others are Nigeria Meteorology Agency, Nigeria Postal Service, Federal Road Safety Corps, Nigeria Export Promotion Council, Nigeria Communication Satellite Ltd., among others.

Emeka Iseogwu, the General Manager, Finance, who represented the Director-General of NPA, said that the agency was on course in terms of revenue generation.

He said that NPA was targeting N338 billion for revenue in 2022.

Government Agencies Are Hiding Revenues

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