Finance Minister says FG considering 2024 budget review

Finance Minister says FG considering 2024 budget review

 The federal government says if the country records a solid
revenue performance, it will return to the national assembly for appropriation
of extra revenue in 2024.

 

Wale Edun, the minister of finance and coordinating minister
of economy, spoke when he appeared before the senate committee on finance, led
by Sani Musa.

 

President Bola Tinubu had presented a N27.5 trillion budget
proposal for 2024 to the national assembly about two weeks ago.

 

Speaking on the development, Edun said the revenue
performance of the country is encouraging, adding that “it is expected to
continue”.



“There is a fiscal policy and tax reform committee that is
already at work,” Edun said.

 

“It is meant to provide fundamental change together with
digitalisation and greater efficiency in collection because it is
revenue-to-debt that can allow us to increase this budget.

 

“If we have a solid revenue performance, we will come back,
and I’m sure Mr President will authorize the process to return to the national
assembly to appropriate extra revenue. That is a situation we are all looking
forward to.”

 

FG had projected N16.87 trillion in revenue for 2023.

 

Edun said to boost capital spending in the budget 2024
budget, the federal government is seeking ways to expedite the procurement
process.

 

“When we look at actual budget performance, expenditure as
of the third quarter of the year, which is September, was 32 percent below the
budget estimate, and revenue was five percent up,” he said.

 

“In the meantime, efforts have been made to raise tax
revenue as a percentage of GDP from its relatively low figure of under 10 per
cent, doubling now within two or three years to 18 per cent which is more than
the African average, so that the government has enough money to spend, which it
does not at the moment.”

 

Providing a breakdown of the budget, Atiku Bagudu, minister
of budget and national planning, had said the projected national revenue in
2024 is estimated at N18.32 trillion — marking a substantial 66 percent
increase compared to the previous year’s budget.

Source: Finance Minister says FG considering 2024 budget review

 - NigerianEye

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