By Mercy Aikoye
The National Assembly Joint Committee on Finance has established a special panel to investigate a revenue shortfall of over N4 trillion due to indiscriminate waivers granted by government agencies. This move follows a hearing to examine the revenue profiles of Ministries, Departments, and Agencies (MDAs) and Government-Owned Enterprises (GOEs) ahead of the 2025 budget.
Senator Adamu Aliero initiated the motion to set up the investigative panel, highlighting a significant disparity between projected and actual revenue collection. According to Aliero, the consolidated revenue fund should have been N5.9 trillion, but only N1.9 trillion was collected. He emphasized the need to investigate the N4.9 trillion shortfall and identify who authorized the waivers.
Co-chairman Senator Sani Musa noted that many GOEs collect revenues from undisclosed sources, which are not disclosed to the budget office. The committee has gathered information on these revenues and expenditures, and Musa expects the GOEs and department heads to provide more details. He warned that agencies collecting revenue without remitting it to the consolidated revenue fund would face scrutiny.
The committee’s investigation aims to develop accurate and realistic revenue projections for 2025. In addition, the panel will examine the revenue profiles of various agencies, including the Fiscal Responsibility Commission, Federal Road Safety Corps, and Nigeria Electricity Regulatory Commission.
The Joint Committee on Finance also questioned the Joint Admissions and Matriculation Board (JAMB) about its finances. Despite generating N4 billion, JAMB received a N6 billion grant from the Federal Government. The committee queried why a self-funded agency required allocations from the government.
Furthermore, the committee queried the Federal Road Safety Corps (FRSC) for not remitting N8 billion of its N13 billion revenue in 2024. The FRSC was directed to provide details on the unremitted funds.
Minister of Budget and Economic Planning Atiku Bagudu stated that the 2024 budget was the first full-year budget of the present administration. He emphasized that the lessons learned from 2024 formed the basis of the assumptions in the 2025 budget, which aims to generate more revenue and provide solutions for the economy.¹
The National Assembly’s investigation is a crucial step towards ensuring transparency and accountability in government revenue collection and expenditure. As the committee continues its probe, it is expected to uncover more details about the revenue shortfall and make recommendations to address the issue.
