The Senate Joint Committee on the Medium Term Expenditure and Fiscal Strategy Paper has threatened to sanction federal agencies which fail to submit their revenue projection alongside their 2022 budget proposal.
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The Chairman of the Senate Committee on Finance, who is coordinating the joint panels, Senator Solomon Adeola, stated this on Friday after a three-day engagement with heads of revenue generating agencies on the MTEF/FSP.
Adeola specifically said agencies that fail to articulate their revenue projection in their budgets would not get any allocation in the 2022 federal budget.
He therefore called on the Minister of Finance, Zainab Ahmed, to consider a forensic auditing of the revenue profiles of all federal agencies in the country.
He said the Senate was determined to raise the independent revenue targets of government owned enterprises to about N2.5trn in the 2022 fiscal year.
He said the GOEs had so far generated N800bn as independent revenues this year and expressed the hope that the figure would rise to N1.3trn before the end of the year.