The Minister of Finance, Wale Edun, says Nigerian government needs more borrowings to fund its budget even though some Ministries Departments and Agencies have surpassed their revenue target.
Edun said this during an interactive session of the Senate Joint Committees on Finance and National Planning and Economic Affairs on the 2025-2027 Medium-Term Expenditure Framework/Fiscal Strategy Paper.
According to him, the borrowing needs to be done productively and efficiently based on the Senate’s approval for proper funding of the budget.
Giving a similar reason, the Minister of Budget and Economic Planning, Senator Atiku Bagudu reminded us that the borrowing plans contained in the N35.5 trillion 2024 budget, were primarily meant to fund the N9.7 trillion deficit.
Meanwhile, the Economic and Financial Crimes Commission (EFCC) and the Revenue Mobilization and Fiscal Commission maintain that if the Federal Government is serious, there would be no need to borrow to fund the nation’s budget.
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The Chairman of EFCC, Ola Olukoyede, who told the committee that it has recovered over N197 billion since January 2024, noted that if the government works hard and derives the requisite collection from the IOC’s, the country would have enough to fund the budget.
The Comptroller General of Nigeria Customs Service, Bashir Adeniyi, in his presentation, disclosed that the Customs has raked in N5.352 trillion in revenue above the N5.09 trillion target for the 2024 fiscal year.
He added that N6.3 trillion is targeted as projected revenue for 2025, a 10% increase of which would be the revenue target for 2026 and an additional 10% increase for the 2027 fiscal year.
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