The Federal Government has stated that its return to the National Assembly over supplementary Budget is dependent on the performance of Revenue, News About Nigeria reports.
The minister of Finance, Mr Wale Edun, stated this while speaking before the joint sitting of the National Assembly Committee on Finance on Monday.
According to him, the federal government may return to the National Assembly to seek the federal lawmakers’ approval for a supplementary budget in 2024 if the government surpasses its revenue projections.
Edun, who claimed that there is a tremendous improvement in federal government revenue, said the Finance Ministry would be coming back to seek the Parliament appropriation of the extra money that would accrue to it as a result of improved efficiency in revenue collection.
He further noted that the supplementary budget is expected to provide fundamental changes together with digitalization and greater efficiency in the collection, adding that it is the revenue to debt that will enable the federal government to increase the budget.
Edun also disclosed that the Federal Government is looking at how to speed up the procurement process to increase capital spending in the 2024 budget.
He stated that the change in the exchange rate, depreciation of the currency and the country’s foreign debt of about $46bn outstanding, contributed to the encouraging performance of the country’s revenue.
Chairman of the Finance Committee, Senator Musa, however, urged the Ministry of Finance to ensure that the Budget meets the expectations of Nigerians, particularly the downtrodden, adding that the economic situation of Nigeria was a delicate one.
