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Reps To ‘Significantly Raise’ Revenue Target For Agencies In 2024, Say “The Can Generate More”

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Tajudeen Abbas, speaker of the house of representatives, says the lower legislative chamber will raise revenue targets for government agencies.

Abbas spoke in Abuja on Wednesday at the inauguration of the special committee on crude oil theft at the national assembly.

The speaker said the country is suffering from revenue leakages from all fronts, causing the government to borrow funds to finance the budget.

“Nigeria is facing significant financial challenges due to a combination of rising expenditures and falling revenues,” he said.

“You may recall that the proposed revenue and expenditure for 2023 stands at N9.73 trillion and N20.51 trillion, respectively.

“This means a fiscal deficit of N10.78 trillion, which is about 4.78 percent of the GDP. This deficit is the largest in Nigeria’s history, and with a budget more than double the proposed revenue, we are faced with the challenge of borrowing to cover the gap.”

Abbas said the parliament would “significantly raise” the targets for all government revenue-generating agencies to reduce government borrowings.

“I am convinced these agencies can generate much more than they currently do,” he said.

The speaker said in the engagement with ministries, departments and agencies (MDAs) on the 2024-2026 MTEF, the lawmakers have made it clear that “a lot more will be required of our key revenue-generating agencies in 2024”.

“We expect them to double their total annual revenue profile. However, to achieve this, these agencies must reduce wastage and improve efficiency, especially in collection.

“In addition to this, revenue-generating agencies must ensure transparency in the management of generated revenues.

“Let me state clearly that the house will not tolerate low performance by agencies or failure to show evidence of required remittances to the federation account.

“We shall also closely monitor and undertake strict oversight of the activities of all revenue-generating agencies to ensure compliance.”

 

Oil Theft: Nigeria’s Largest Economic Threat – Speaker

The speaker said crude oil theft is the “largest threat to Nigeria’s economy” with an estimated 300,000 barrels lost per day.

He crude oil theft has “severe consequences”, including environmental disaster, threats to regional peace and security, proliferation of arms, and poor climate investment.

“The nation is reported to incur losses of oil revenues estimated at N1.29 trillion annually due to industrial-scale theft,” he said.

Abbas said the committee’s objective is to determine the proximate and remote causes of oil theft and recommend remedial measures to the house.

He said the inauguration of the committee shows the unwavering commitment of the parliament to protect the nation’s resources and punish the perpetrators of the “dreadful crimes”.

Also speaking, Alhassan Doguwa, chairman of the committee, said the house is taking a “bold step” to check and tame the tide of crude oil theft.

He said oil theft and pipeline vandalisation remain persistent threats to the nation’s economy, environment and national security.

“The urgency of addressing these challenges and bolstering our regulations, technology and security measures cannot be overstated,” he said.

BIG STORY

JUST IN: Ooni’s Ex-Wife Naomi, 7 Others Arrested Over Children’s Funfair Stampede In Ibadan

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The Oyo State Police Command has announced the arrest of the ex-queen of the Ooni of Ife, “Naomi Silekunola”; the Principal of Islamic High School, Ibadan, “Fasasi Abdulahi”; and six others in connection with the deaths of several children during a stampede at a funfair in Ibadan, the state capital, on Wednesday.

The ex-queen was identified as the primary sponsor of the event.

Furthermore, the number of children who have died from the stampede has increased to 35, while six others are critically injured, according to a statement issued on Thursday by the State Police Public Relations Officer, “Adewale Osifeso.”

The event, which was held at the Islamic High School, Basorun, Ibadan, was intended for 5,000 children, but reportedly over 7,500 attended.

 

More to come…

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BIG STORY

NAFDAC Seal Shops, Destroy Items Worth N5bn In Aba Market Over Fake, Expired Products

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The National Agency for Food and Drug Administration and Control (NAFDAC) has shut down 150 shops at Eziukwu Market, Aba, Abia State.

The Agency disclosed this in a statement it posted on its X handle on Wednesday.

It said its team uncovered large-scale production and distribution of fake and expired goods, including beverages, carbonated drinks, wines, spirits, vegetable oils, and revalidated food items such as “noodles,” “powdered milk,” and “yoghurt.”

NAFDAC noted that the team destroyed items that were valued at ₦5 billion.

Describing the market as a hub for counterfeit and substandard products, the Agency’s Director in the Southeast Zone, Martins Iluyomade, expressed dismay at the continued illegal activities, despite a previous undertaking signed by market leaders in December 2023 to expose counterfeiters.

The statement added that NAFDAC DG, Prof. Mojisola Adeyeye, reaffirmed the Agency’s zero tolerance for such practices and emphasised its unwavering commitment to safeguarding public health while working toward a permanent solution to the problem of counterfeit products in the market.

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Lil Smart Files Petition Against Naira Marley, Zinoleesky Over ‘Threat To Life’

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Lil Smart, the Nigerian dancer, has filed a petition against Naira Marley and Zinoleesky over an alleged threat to his life.

On December 9, Smart shared disturbing photos and videos on social media, claiming that his life was at risk.

He warned that Naira Marley and Zinoleesky should be held responsible if anything were to happen to him.

Zinoleesky, however, denied the allegations, accusing Smart of “chasing clout.” He also threatened legal action against the dancer.

In a recent (now deleted) Instagram post, Smart claimed that he had previously endured bullying from the singers but lacked the evidence necessary to take legal action.

He mentioned that he has now officially submitted his petition, with the required evidence, to the authorities and is hopeful that the legal system will provide him justice.

“This has not been the first or third time I have been experiencing this bullying. But I did not have enough evidence to face the law. Now, I thank God that I have very good evidence, and I will put everything I have in line to make sure this bullying and threat to life is stopped,” he said.

“With my evidence, I really hope that they are not too big to be apprehended and face the law. I have submitted my petition, and I have provided my evidence to the authorities. By God’s grace, the law that binds us as citizens of Nigeria will make sure I get the justice I deserve.”

Naira Marley has yet to comment on the allegations.

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