The National Assembly (NASS), on Monday, questioned President Bola Tinubu’s loan request as some revenue-generating agencies of the Federal Government disclosed that they had already surpassed their budgetary revenue target for 2024.
The Chairman of the Federal Inland Revenue Service, Zacch Adedeji, said the Federal Government generated ₦1.5 trillion in education tax, a substantial amount above its ₦70 billion target.
According to The PUNCH, Adedeji made this known on Monday during an interactive session with the National Assembly’s joint Committees on Finance, Budget and National Planning on 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The revenue generating agencies, in their separate presentations before the joint committees on 2024 budget performance and revenue projections for ₦49.7 trillion 2025 budget, made excess revenue target submissions in the 2024 fiscal year.
This revelation of education tax profit came to the fore amidst lamentations on recent school fee hikes across the board.
According to Adedeji, on Company Income Tax, ₦4 trillion was targeted but ₦5.7 trillion has been realised now.
“On Education tax, while N70bn was targeted, a total of N1.5tn has been realised.
“All in all, out of N19.4tn targeted for 2024 fiscal year, N18.5tn was realised as of the end of September, which clearly shows that the target, will be far exceeded by the end of the year,” he boasted.
The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari, in his own presentation, said the company exceeded the ₦12.3 trillion revenue projected for 2024 by already raking in ₦13.1 trillion.
He said, “For the 2025 fiscal year, N23.7tn is projected by the NNPCL to be remitted into the Federation Account.”
In his own presentation, the Comptroller-General of Nigeria Customs Service, Bashir Adeniyi, stated that as of September 30, Customs had raked in ₦5.35 trillion revenue, which is above ₦5.09 trillion targeted for the entire 2024 fiscal year.
He added that ₦6.3 trillion was targeted as projected revenue for 2025, 10% increase of which would be the revenue target for 2026 and an additional 10% increase for the 2027 fiscal year.
