The Speaker of the House of Representatives, Femi Gbajabiamila has revealed that some revenue generating agencies are diverting funds for unnecessary expenditures and forcing the 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.
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