The
House of Representatives Committee on Appropriation has taken a firm stance, declining the representation of the Central Bank of Nigeria’s (CBN) governor, Yemi Cardoso, and the Comptroller General of Customs, Adewale Adeniyi, during the 2024 budget defense on Friday, December 8.
Committee Chairman Hon. Abubakar Kabir Bichi emphasized the crucial nature of the issues in the budget, asserting that the sensitivity of matters such as inflation, exchange rates, and revenue generation necessitated the personal appearance of the CBN governor and the Customs CG on Monday, Dec 11th at 10:am.
Bichi underscored the committee’s concern about the seeming insufficiency of the revenue goal for government-owned entities (GOEs) to support the substantial N27 trillion budget. This concern prompted the summoning of various agencies to provide clarification.
In his address, Bichi highlighted the rising inflation as a major concern, expressing the committee’s commitment to engaging with GOEs for further interactions. He emphasized the need to address Nigeria’s debt profile, sectorial budget allocations, budget release dynamics, economic diversification strategies, and revenue generation forecasts for effective implementation of the Appropriations Act, 2024.
He said:
“We can only Interact with the Governor of the Central Bank because of the sensitivity of the issues in the budget. So, he needs to come and shed light on issues like inflation, exchange rate and all that.
“So, it is important that he appear before the Committee on Monday at 10 am. The Comptroller General of Customs is also to appear in person because we are talking about the budget and how to increase our revenue. He is also to appear in person by 10.00 am on Monday.”
The committee’s objective, as outlined by Bichi, is to shed light on key issues related to the preparation, enactment, and implementation of the 2024 budget. While acknowledging the positive results from the present administration’s revenue-generating efforts, Bichi stressed the importance of government-owned enterprises optimizing their revenue potential.
“The objective of this engagement is, among others, to provide highlights on some key issues about the preparation, enactment, and implementation of the 2024 budget.
“While the revised MTEF and FSP showed that revenue-generating efforts by the present administration are already yielding fruit, more needs to be done to ensure that government-owned enterprises optimize their revenue-generating potential,” he added.
Related: Budget Defence: Senate Warns MDAs Against Lackadaisical Attitudes towards 2024 Budget
Aside CBN, other agencies summoned to appear before the committee on Monday include the Federal Inland Revenue Service, NPA, NNPC Limited, Minister of Finance, Minister of State for Petroleum Resources, NUPRC, and the NCC.
Bichi reiterated that revenue-generating agencies must contribute substantively as financial resources are integral to realizing the objectives outlined in the Renewed Hope Budget.
The committee’s decision to insist on the personal appearances of key figures reflects its dedication to thorough scrutiny and engagement in addressing critical issues surrounding the 2024 budget.
