The National Assembly has raised concerns over President Bola Tinubu’s continued push for foreign loans despite multiple federal revenue-generating agencies significantly exceeding their 2024 targets.
At a session on Monday with the joint Committees on Finance, Budget, and National Planning, top government agencies presented their financial performances for 2024. These submissions showed that many agencies not only met but surpassed their revenue expectations for the year.
The Federal Inland Revenue Service (FIRS) revealed remarkable achievements. Its chairman, Zacch Adedeji, reported that education tax collections reached N1.5 trillion, far exceeding the N70 billion target. Similarly, revenue from Company Income Tax hit N5.7 trillion against the N4 trillion goal.
Adedeji noted, “On Education tax, while N70bn was targeted, a total of N1.5tn has been realised.
“All in all, out of N19.4tn targeted for 2024 fiscal year, N18.5tn was realised as of the end of September, which clearly shows that the target, will be far exceeded by the end of the year,” he boasted.
The Nigerian National Petroleum Company Limited (NNPCL) also performed strongly, surpassing its N12.3 trillion target by generating N13.1 trillion. For 2025, it projects remitting N23.7 trillion to the Federation Account. Meanwhile, the Nigeria Customs Service reported collecting N5.35 trillion by September, already exceeding its full-year goal of N5.09 trillion.
Lawmakers, however, questioned why foreign loans were still being pursued despite these impressive revenues. Senator Adamu Aliero asked, “What is the Federal Government doing with these excess revenues, and why are loans still necessary?”
Responding, Adedeji clarified that borrowing was part of the budgetary framework already approved by the legislature. He said, “Borrowing is part of what has been approved by the National Assembly for the Federal Government, meaning that the executive borrows based on approval of the legislature.
“The fact that we meet revenue targets and even surpassed them as revenue-generating agencies does not mean that the borrowing component of an appropriation law, passed by the National Assembly, should not be activated,” he said.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, and Minister of Finance, Wale Edun, also justified the loans, explaining they were needed to fund a N9.7 trillion budget deficit and maintain key investments in development projects.
However, the session also highlighted issues within the Immigration Service. Lawmakers criticized a Public-Private Partnership (PPP) for passport production that gave 70% of revenue to consultants, leaving only 30% for the government. Committee Chairman Senator Sani Musa demanded a review of the agreement, calling it a “betrayal of national interest.”
