The National Assembly is set to tackle the N11.03 trillion deficit proposed for the N19.76 trillion 2023 budget through the amendment of some relevant sections of the Finance Act.


The chairman, Senate Committee on General Services, Sani Musa (APC Niger East) said the amendment of the Finance Act by the National Assembly would aim to double or triple the targets earlier set for the various revenue generating agencies targets towards reducing the size of the proposed budget deficit.


Senator Musa, who stated this to journalists on Friday at the frontage of the temporary chamber being set up for senators in view of ongoing renovation work at the main chamber, said Tuesday resumption will depend on how proper the temporary chamber is put in place before then.


“The budget of this country has  been in deficit and the only thing we can  do is to amend so many things  in the Finance  Act, so that we can  generate more revenues from other sources  rather than depending on  oil alone and, by extension , reduce the size of the proposed budget deficit.


Commenting on the general renovation work going on at the National Assembly, Senator Musa said it was an overdue project and very necessary in making the National Assembly, particularly the Hallowed Chambers, meet global standards.


The Senate had through its committee on Finance during the interface with the minister of Finance , Budget and National Planning , Mrs Zainab Ahmed ,kicked against the proposed N11.03 trillion deficit in the proposed N19.76 trillion  2023 budget.


Senator Olamilekan Adeola (APC, Lagos West), who chairs the committee,   told heads of revenue generating agencies at different times to  think out of the box in raising more revenues for the country in the  coming fiscal year, for the purposes of reducing prosed deficit size and  loan collections for budget financing.

Leave a Reply