The Federal Government has lamented the rise in public
expenditure amid dwindling revenue accruals.
Mrs Oluwatoyin Madein, the Accountant General of the
Federation, disclosed this on Wednesday at an interactive session on the
2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper organised
by the House of Representatives Committee on Finance.
Madein, however, assured the lawmakers that efforts are
underway “to block revenue leakages and increase revenue generation.”
She said, “The revenue generation and its collection is
dwindling compared to the expenditure against the money collected.
“Currently, a series of efforts are ongoing to shore up
revenue, block leakages, and improve the revenue being brought into the
federation.
“Since the revenue is in this position, the expenditure too
has not been helping matters, especially with the current economic reality
where the prices of things are increasing regularly.
“The expenditure too is on the rise, and definitely, the
strategies to increase revenue must be worked upon continuously to ensure that
we have funds to meet the expectations of Nigerians.”
Recall that the Federal Inland Revenue Service, FIRS,
generated over N10 trillion as tax revenue in 2022; however, the World Bank
said 96.3 per cent of government revenue was spent on debt servicing.
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