National Assembly Questions Tinubu’s Loan Request as Customs, FIRS Surpass Revenue Targets
The National Assembly on Monday raised concerns over President Bola Tinubu’s continued loan requests despite revenue-generating agencies significantly exceeding their 2024 targets.
During an interactive session with the National Assembly’s joint committees on Finance, Budget, and National Planning on the 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper, several agencies detailed their impressive revenue performance.
The Federal Inland Revenue Service (FIRS) Chairman, Zacch Adedeji, disclosed that N1.5 trillion was generated in education tax alone, far surpassing the N70 billion target. Similarly, N5.7 trillion was realized from Company Income Tax against a projection of N4 trillion. By the end of September, the FIRS had collected N18.5 trillion out of a targeted N19.4 trillion for the year, a figure expected to be exceeded by year-end.
The Nigerian National Petroleum Company Limited (NNPCL) also reported surpassing its 2024 revenue target of N12.3 trillion by generating N13.1 trillion as of September. NNPCL’s Group Chief Executive Officer, Mele Kyari, projected N23.7 trillion in revenue for 2025.
The Nigeria Customs Service, led by Comptroller-General Bashir Adeniyi, revealed it had collected N5.35 trillion by September 30, exceeding the N5.09 trillion target for the entire year. Adeniyi further projected N6.3 trillion in revenue for 2025, with subsequent annual increases of 10% over the next two years.
These revelations led lawmakers to question the rationale behind the Federal Government’s persistent foreign loan requests. Senator Adamu Aliero (PDP Kebbi Central) expressed concern over the contradiction, asking, “What is the Federal Government doing with excess revenues generated by the various agencies in view of its unending request for foreign loan approval?”
Responding, Adedeji explained that the loans were part of the budget approved by the National Assembly, noting that surpassing revenue targets did not negate the need to activate borrowing plans outlined in the Appropriation Act.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, further clarified that the borrowing was necessary to address the N9.7 trillion deficit in the N35.5 trillion 2024 budget. He emphasized that the funds were intended to support productivity and aid the poorest and most vulnerable citizens, aligning with Nigeria’s Agenda 2050, which aims for a GDP per capita of $33,000.
Finance Minister Wale Edun echoed this sentiment, stating that borrowing remained essential for comprehensive budget funding despite the increased revenue.
The session also exposed irregularities in the Nigeria Immigration Service’s Public-Private Partnership (PPP) for passport production. Lawmakers criticized the lopsided agreement, which allocates 70% of revenue to a consultancy firm and only 30% to the government. Committee Chairman Senator Sani Musa ordered Immigration officials to submit all related documents by the end of the week, warning that the arrangement could be reviewed or canceled.
“Nigeria and Nigerians are seriously being short-changed,” Musa said, calling for immediate action to address the issue.
The session concluded with a call for greater transparency and accountability in managing the nation’s finances while ensuring that future loan requests align with economic realities and national priorities.
