The Speaker of the House of Representatives, Honourable Femi Gbajabiamila says Nigeria is facing a fiscal crisis coupled with the COVID-19 pandemic and there is a need to reduce the cost of governance to free up revenue for infrastructure development
Gbajabiamila said this on Thursday at the beginning of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) revenue considerations with revenue-generating agencies.
It was organized by the House of Representatives Committee on Finance.
We have a responsibility to act with urgent determination to build the infrastructure of opportunity that is required to lift millions of our fellow citizens out of poverty,” the lawmaker said.
“We recognise that we cannot accomplish these objectives using loans and outside financing alone.
“Therefore, we need to impose deep cuts in the cost of governance and improve internal revenue generation and collection so that we can free up resources that can then be deployed to fund policy initiatives that will enhance the lives of our people.”
Gbajabiamila also said that there is a “consistent failure to adhere to the revenue remittance agreements to which many of these agencies have committed.”
He added: “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.