News
FG Agencies diverting revenue unnecessarily – Gbajabiamila reveals
The Speaker of the House of Representatives, Femi Gbajabiamila has revealed that some revenue generating agencies are diverting funds for unnecessary expenditures and forcing government to take loans.
Gbajabiamila revealed this at the commencement of the dialogue session on Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) organized by the committee on Finance.
The session is for revenue consideration with heads of revenue generating agencies in attendance.
The Speaker in his speech noted that there is, “consistent failure to adhere to the revenue remittance agreements to which many of these agencies have committed.”
He, therefore, criticised the agencies for making government to seek loans to finance infrastructural development. Gbajabiamila also warned that loans will not be sufficient to finance capital component of the budget.
“We have credible reports that these desperately needed funds have in many cases, been diverted to finance unnecessary trivialities. At the same time, the Government is left scrambling for alternative sources to fund priority projects.
“We recognise that we cannot accomplish these objectives using loans and outside financing alone.”
Also speaking, the Chairman of the Committee, James Faleke said that the focus will be on MTEF which President Muhammadu Buhari already sent to the National Assembly before its annual recess.
- Top Stories21 hours ago
Mohbad’s toxicology result ready…what you need to know
- News21 hours ago
FG to review fresh price hike of DStv, GOtv packages
- Top Stories21 hours ago
Witness Reveals How Ex-HoS, Oyo-Ita, Others Diverted ₦3 Billion To Private Companies
- Top Stories6 hours ago
BREAKING: TINUBU APPOINTS NIGERIA’S RENOWNED BANKER, JIM OVIA AS CHAIRMAN OF NIGERIAN EDUCATION LOAN FUND
- Entertainment21 hours ago
Israeli supermodel, Bar Refaeli accuses Bella Hadid of spreading fake news with photo of ‘starving Gaza child’
- News21 hours ago
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 26th April 2024
- Sports20 hours ago
Osimhen reveals how he was pushed to become like Drogba
- Entertainment10 hours ago
I lost a relationship because I refused premarital sex – BBNaija Ifuennada