The National Assembly on Monday scrutinized President Bola Tinubu’s request for new loans, raising concerns after several federal revenue-generating agencies reported exceeding their 2024 revenue targets.
At an interactive session on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper, the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, revealed significant surpluses in revenue generation.
Adedeji disclosed that the FIRS had collected “₦1.5 trillion” in education tax revenue, far surpassing the “₦70 billion” target set for the year.
He added that while “₦4 trillion” was targeted for Company Income Tax, the agency had already realized “₦5.7 trillion”.
“Out of the ₦19.4 trillion targeted for 2024, ₦18.5 trillion has been realized by the end of September, and the year-end target will be exceeded,” Adedeji stated confidently.
Similarly, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, reported that the corporation had exceeded its “₦12.3 trillion” revenue target for 2024 by generating “₦13.1 trillion” as of September.
For 2025, Kyari projected a remittance of “₦23.7 trillion” to the Federation Account.
The Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, also shared that the agency had already collected “₦5.35 trillion” by September, surpassing its annual target of “₦5.09 trillion”.
Customs set revenue targets of “₦6.3 trillion” for 2025, with incremental increases of 10% planned for subsequent years.
Amazed by these surplus revenues, members of the joint committees led by Senator Sani Musa questioned the need for foreign loans.
Senator Adamu Aliero (PDP Kebbi Central) asked: “What is the Federal Government doing with excess revenues generated by these agencies in light of its continuous requests for foreign loans?”
Responding, Zacch Adedeji clarified that the loans were part of the approved Appropriation Act.
“Borrowing is based on what the National Assembly has already approved for the government.
Surpassing revenue targets does not negate the borrowing component of the law,” he explained.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, added that the “₦9.7 trillion deficit” in the 2024 budget required external funding despite the increased revenue.
“The borrowing plans are essential for addressing budget deficits and supporting productivity for the most vulnerable.
Our long-term plan, Agenda 2050, aims to achieve a GDP per capita of $33,000,” Bagudu noted.
Similarly, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized that borrowing remains necessary for comprehensive budget funding.
The Nigeria Immigration Service came under fire during the session over a controversial Public-Private Partnership (PPP) arrangement for passport production.
The deal reportedly allocates “70% of revenue to a consultancy firm” while the government retains just “30%”.
Senator Sani Musa called the arrangement unacceptable, directing the agency to submit all related documents by the week’s end.
“This so-called PPP arrangement must be reviewed or canceled.
Nigeria and its citizens are being short-changed,” he declared.
The session highlighted the tension between increased internal revenues and the government’s reliance on loans, as lawmakers pressed for a reevaluation of financial strategies to reduce borrowing.
