Revenue generation in the country is undoubtedly a major focus of the present administration, with the Federal Government banning the import of some foreign commodities and initially shutting down its borders to neighbouring African nations to increase productivity.
Despite all these attempts, some activities of its Ministries, Departments and Agencies, MDAs, have been deemed saboteurs to these efforts to grow the nation’s Gross Domestic Product, GDP.
On Wednesday 1, the Senate pointed accusing fingers to the Nigerian National Petroleum Corporation, NNPC, Central Bank of Nigeria, CBN, and other government-owned enterprises of worsening the current dwindling revenues in the country.
Revenue Generation: Senate Alleges CBN, NNPC Avoiding Remittances
The Senators hinted that the indicted MDAs have been crippling the economy in a not too complex to identify. They accused the involved parties of defaulting in remittances to the Consolidated Revenue Fund, CRF, which is unconstitutional.
The Senate Committee on Finance Chairman, Senator Solomon Adeola, claimed during a public hearing on his panel’s 2022-2024 Medium Term Expenditure and Fiscal Strategy Paper.
He argued that “Big spenders, such as the Central Bank of Nigeria, have failed to transfer their operating surplus to the consolidated revenue fund account. In budgeting, some revenue-generating agencies spend their revenue hiding under the disguise that what accrued to them is not enough for them to carry out their functions.
He revealed that their investigations show so many irregularities that the heads of agencies and other parastatals conduct government businesses as their private possessions.
