In a session held on Friday, the House of Representatives rejected the representatives of the Central Bank of Nigeria (CBN) Governor and Comptroller General of Nigeria Customs Service (NCS), emphasizing the need for their personal appearance to defend their 2024 budget proposals. The House Committee on Appropriation, chaired by Abubakar Bichi, also turned down the representatives of the Federal Inland Revenue Service (FIRS).
During the budget defense session in Abuja, Mr. Bichi stated that the heads of these agencies had been duly invited for the interactive session. He specified that the heads of revenue agencies, including the CBN Governor Olayemi Cardoso, FIRS Chairman Zach Adedeji, and Customs Comptroller General Bashir Adeniyi, were expected to appear before the committee on Monday to discuss their revenue projections.
Mr. Bichi stressed the importance of increased revenue, urging the agency heads to contribute more to support the president's initiatives. This development follows the recent warrant of arrest issued by another House of Representatives committee, the Committee on Public Petitions, against the CBN governor and others for their refusal to appear and address questions related to the oil sector.
During the Friday hearing, Mr. Bichi reiterated concerns about the country's low total revenue, emphasizing the need for Government-Owned Enterprises (GOEs) to be assigned higher revenue targets to reduce the overall budget deficit. He highlighted the importance of revenue generation for the successful implementation of the budget, stating that without sufficient funds, achieving the budget's objectives would be challenging.
The budget defense session aimed to address key issues related to the preparation, enactment, and implementation of the 2024 budget. Mr. Bichi outlined various topics, including strategies to address inflation, reduce Nigeria's debt burden, allocate budgets to different sectors, and manage the dynamics of budget releases. Additionally, the committee discussed economic diversification strategies, revenue generation forecasts, and other pertinent information crucial for the enactment and effective implementation of the Appropriations Act, 2024. There was a particular focus on concerns related to infrastructure development, poverty eradication, and the broader goal of achieving the 8-Point Renewed Hope Agenda.
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