Senate President, Ahmad Lawan, on Wednesday stated that the Senate would address the country’s revenue challenges and reduce the Federal Government’s dependence on external borrowings.
The Senate President disclosed this at an event to mark his 63rd birthday in Abuja.
According to him, the senate would set targets for revenue-generating agencies, and monitor them for compliance
An improvement to the country’s revenue figures will reduce Nigeria’s dependence on external borrowings for the execution of capital projects captured in the national budget, he said.
“We still have a huge responsibility, and in fact, it is something that we wanted to do last year, but because of the COVID-19 pandemic we couldn’t do so.
He said the senate in the first quarter of this year will focus on addressing the challenges of revenue generation, collection, and remittance to shore up earnings by the Federal Government.
“This year, by the grace of God, we are going to resuscitate that plan and it is to keep and maintain focus on revenue generation, collection and remittance.
“Our revenue to GDP ratio is very low and the economists will tell you Nigeria’s problem is not debt, but revenue. So, if that is the case, it means those of us in government must focus on dealing with the challenges of revenue generation, revenue collection, and remittance.”