The Nigerian Senate has called on the President Muhammadu Buhari-led federal government to withdraw waivers and concessions granted to businesses amounting to N6trillion as part of ways to shore up revenue for 2023 budget deficits.
The Senate President, Ahmad Lawan, made the call at a joint session of the National Assembly on Friday during 2023 budget presentation, stressing that "in a difficult time like this, some of the waivers may no longer be justified."
He also proposed taking off some major revenue generating agencies from direct funding and placed them on cost of collection of revenues, citing the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service.
Some of agencies he proposed are Nigeria Ports Authority (NPA), Nigeria Communications Commission (NCC), Nigeria Maritime Administration and Safety Agency (NIMASA) among others.
According to him, "I believe that it is imperative to review the waivers and concessions government has granted to the tune of Six Trillion Naira. In a difficult time like this, some of the waivers may no longer be justified.
"In the same vein, we should consider taking off some of the major revenue generating agencies from direct funding by placing them on cost of collection of revenues, as we did for Federal Inland Revenue Service (FIRS), Nigeria Customs Service.
“In this regard, agencies like Nigeria Ports Authority, (NPA), Nigeria Communications Commission, (NCC), Nigeria Maritime Administration and Safety Agency, (NIMASA), etc can be given encouraging cost of collections of revenues.
"The National Assembly Committees on Finance and the Federal Ministry of Finance, Budget and National Planning should jointly look into this matter immediately."
The Senate president disclosed that implementing his suggestions would require courageous fiscal policy to redress, "by reducing the deficit, not just to avoid further increases in our debts, but to ensure macro-economic stability, grow confidence in the system and guarantee sustainable economic growth."
He pledged that the National Assembly would support policy frameworks that geared towards prudence, transparency and accountability through rigorous appropriation.
Lawan also called for the completion of the ongoing legacy projects of the Buhari government.
"Mr. President, I strongly believe that the 2023 Budget should target at completion of ongoing projects, especially our legacy projects. This is not only because of the importance of infrastructure to the stimulation of economic activities but also to entrench the efforts as a legacy of this administration.
"Our focus on this sector has been exemplary and the benefit to our growth and development cannot be overstated.”