*As Senators express doubts on meeting up with targeted N8.155trillion
The Senate on Thursday tasked the Executive arm of government to brace up for aggressive revenue drive that will finance the 2020 budget.
This, according to the senate, will help in meeting up with the N8.155 trillion projected as expected revenues for financing the N10.33 trillion total expenditure profile of the 2020 fiscal year.
The Senate observed that the poor performance that characterized the N8.9 trillion 2019 budget implementation, as admitted by President Muhammadu Buhari, due to shortfalls in projected revenues, must be avoided at all cost.
Submissions to this effect were made by the lawmakers during their contributions to the second day debate on the general principles of the 2020 budget estimate expected to end on Tuesday next week.
The Deputy Minority Leader, Senator Emmanuel Bwacha (PDP, Taraba South), who first harp on the need for aggressive revenue drive applauded the 2.5% increase on Value Added Tax.
He said much may still be needed to be done to get the required revenues for the implementation of the 2020 budget .
“The budget proposals are very ambitious in terms of proposed allocations, but there is difference between allocations and revenues.
“If revenues are not generated as projected, definitely, allocations will suffer from cash backing”, he said .
Also, in his submission, Senator Mathew Urhoghide (PDP, Edo South) said poor revenue generation, as bane of effective implementation of yearly budgetary proposals, must be tackled by blocking leakages for the 2020 budget to succeed.
“We must put our mouth where our money is, meaning that, as parliamentarians, more thorough oversight functions must be carried out on all revenue generating agencies”, he said.
Arguing along the same line, Senator Ayo Akinyelure (PDP, Ondo Central) in his submission said: “All agencies of government saddled with revenue generation should be thoroughly monitored and quarterly assessed on whether they are meeting revenue target set for them or not”.
Senator Dauda Yaro, (PDP, Adamawa South) in his own contribution, said since the possibility of not meeting up to N8.155 trillion targeted total revenue of the budget, the entire budget size should be reduced to the revenue.
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