Senate President, Ahmad Lawan, said on Wednesday the Senate would tackle the country’s revenue challenges and reduce the Federal Government’s dependence on external borrowings.
Lawan, who disclosed this at an event put together by the Senate to mark his 63rd birthday in Abuja, said the upper legislative chamber would set targets for revenue-generating agencies, and monitor them for compliance.
He said: “The upper chamber 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.
“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.
“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.
“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.”
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