President Bola Ahmed Tinubu has stated that his administration will put an end to financial leakages in the country.
News About Nigeria reports that the President made this known while presenting the 2024 budget to a joint session of the National Assembly, noting that the tax and fiscal policies are currently being reviewed.
According to the president, his administration will employ the implementation of key public financial management reforms to enable them to achieve the goal of containing and putting an end to financial leakages in the country.
He further disclosed that his administration is working towards increasing the ratio of revenue to GDP from less than 10 percent, where it currently sits, to 18 percent within his tenure as president.
He added that the federal allocation to states and local government areas may increase by 109.74 percent to N14.04 trillion in 2024, as projected in the Revised 2024–2026 Medium-Term Fiscal Framework.
According to reports, the revenue residual in the Federation Account is expected to increase by 124.43 percent to N26.61 trillion in 2024 from N11.86 trillion in 2023, which will be made possible as a result of the effects of the exchange rate, an increase in the projections of oil production, and the removal of subsidy, among others.
Minister of Finance and Budget Planning, Abubakar Bagudu, on the other hand, maintained that the major fiscal constraint to the country’s fiscal viability is the difficulty in the generation of revenue.
He, however, assured Nigerians that the government was working tirelessly to see to it that the generation of revenue increased in the coming year.