• Thursday, March 28, 2024
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Reps pledge to assist FG generate more revenue

Reps pledge to assist FG generate more revenue

The House of Representatives has resolved to assist the Federal Government to generate more revenue for adequate funding of country’s national budgets.

The Green Chamber also vowed to ensure that any agency that has outstanding remittance pay such into the Federation Account.

James Faleke (APC, Lagos) Chairman House Committee on Finance, who gave these indications Wednesday at the inaugural meeting of the Committee said, it would also consider the Finance Bill sent by President Muhammadu Buhari to give legal backing to the increase in the Value Added Tax (VAT).

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Faleke noted that there was short fall in revenue which led to many projects and programmes not been executed. He further said that also explained the fact that previous appropriation Acts of the Federal Government were not able to achieve up to 80% implementation rate.

“So we have a lot of work on our hands as members of this Finance Committee to ensure that the right thing is done by the various revenue-generating agencies.

“Let me say clearly that as Finance Committee, we cover the entire revenue-generating agencies, so we are not limited to the Ministry of Finance or FIRS,” he said.