Nigeria's key revenue-generating agencies the Nigerian National Petroleum Company Limited (NNPCL), Nigeria Customs Service (NCS), and Federal Inland Revenue Service (FIRS) have collectively exceeded their revenue targets for the 2024 fiscal year, amassing a total of ₦36.952 trillion.
This figure significantly surpasses the initial projections set for these agencies, marking a notable success in the country's revenue collection efforts.
The NCS reported a collection of ₦5.352 trillion, exceeding its target of ₦5.09 trillion. Similarly, the NNPCL outperformed its revenue goal by generating ₦13.1 trillion against a projected ₦12.3 trillion.
The FIRS also demonstrated impressive results, surpassing its targets across various tax components, including Company Income Tax and Education Tax.
Despite these achievements, the Federal Government has indicated that borrowing remains necessary to adequately fund the national budget.
During an interactive session with the National Assembly's joint Committees on Finance, Budget, and National Planning, questions were raised about the continued need for foreign loans.
Senator Adamu Aliero queried, "What is the Federal Government doing with excess revenues generated by the various agencies in view of its unending request for foreign loan approval?" In response, the Chairman of FIRS, Zacch Adedeji, explained that borrowing is part of the appropriation act approved by the National Assembly, emphasizing that "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 should not be activated."
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