The Nigerian Senate says it will continue its hard work of 2022 by reviewing every concession and waiver that the government has given, due to the very difficult situation the FG finds itself in fiscally, citing that “every kobo counts”.
This was disclosed by President of the Senate, Ahmad Lawan, in a statement on Thursday night, adding that the Ninth National Assembly has delivered on its legislative agenda for Nigerians.
He also urged that FG needs to improve revenue generation and collection because it can’t afford inefficiencies.
Strategic focus: Lawan said the Ninth Assembly was focused and patient with its work, urging continuous commitment to Nigerians. He said:
“We decided to be focused, strategic, tactical, patriotic, tolerant and patient in our work in the ninth Senate.
“We defined what we wanted to do in the ninth Senate when we were campaigning. We said we will work for Nigerians, and when we drew our legislative agenda after we inaugurated it, we worked on it.
Revenue Generation: He also assured Nigerians that the National Assembly would continue to collaborate with the executive arm on challenges posed by insecurity and also improve on revenue generation and collection for the same to be adequately sustained.
“One other challenge is the lack of sufficient revenues for government to undertake its numerous laudable and noble national development projects across the country.
“Most of what we do in terms of national development is to borrow funds for us to execute those projects.
“I think we have to work hard to improve our revenue generation and collection because it is not looking too sustainable that we tolerate people and some agencies of government, to misapply or not even declare the revenues they collect. We can’t continue with that.”
Review waivers and concessions: The Senate President advised the federal government to undertake a review of waivers and concessions already granted to corporate entities to provide more revenue to the government as Nigeria is in a very difficult spot economically.
“So, for us in the Senate, we have decided that for the remaining part, we will continue to engage with our revenue-generating agencies until we get better outcomes from them. This is possible and has become imperative.
“Also, the concessions and waiver that the government has given, we need to review that. Now every kobo counts because we are in a very difficult situation
“Where a waiver cannot be justified anymore because of our present circumstance, then such waiver should be reversed or renegotiated. But definitely, we need to work hard to improve the revenue generation and collection by the MDAs and other government agencies.
In case you missed it
Recall Nairametrics reported last month that President Muhammadu Buhari said the Federal Government began the concession process of the Ajaokuta Steel Complex by first rescuing it from “legal disabilities”.
Buhari said the concession process of the Ajaokuta Steel process has cost the Federal Government over $400 million.