The House of Representatives committee has accused the state-owned oil company, NNPC Limited, the Nigeria Immigration Service (NIS), and other revenue-generating agencies of entering into public-private partnerships that are detrimental to the country’s revenue growth. It, therefore, called for an investigation into the deals, a recommendation adopted by the House.
“The National Assembly Committees on Finance, National Planning, and other relevant committees should carry out an in-depth investigation of such agreements by the NNPC, NLNG, and Immigration Services with a view to reconciling remittances to the Federation Account”.
The House also noted that “most revenue generating agencies violate the Fiscal Responsibility Act due to the lack of punitive provisions in the Act.
“Non-compliance with the Nigerian Export Supervision Scheme (NESS) Act by relevant government agencies, specifically in the inspection and monitoring of oil and gas exports as well as non-oil exports.”
The House identified systemic gaps and irregularities in the operations of the Import Duty Exemption Certificate (IDEC) and observed that Federal Government Ministries, Departments, and Agencies (MDAs), as well as Government-Owned Enterprises (GOEs), are not adhering to financial reporting standards.
“Performance metrics is established for MDAs with poor financial reporting standards and that regular independent audit of their accounts is mandated to ensure compliance.”
The Rep also approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), retaining all the parameters proposed by the executive.
The approval followed the consideration of a report submitted by the Chairman of the House Committee on Finance, James Faleke, and the clause-by-clause consideration of the 15 recommendations submitted by Deputy Speaker, Ben Kalu committee.
President Bola Tinubu transmitted the 2025-2027 rolling plan to the National Assembly for approval last week Tuesday, subsequently the recommended oil prices of $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027 respectively were adopted.
Additionally, the GDP growth rates projected at 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027 respectively were approved, with an exchange rate of ₦1,400 to a dollar adopted for the entire period.
The House also approved the proposed spending of ₦47.9 trillion and borrowings of ₦9.22 trillion, comprising both domestic and foreign loans. Debt service was valued at ₦15.38 trillion, pensions, gratuities, and retirees’ benefits at ₦1.443 trillion, and the fiscal deficit at ₦13.08 trillion.
“Capital expenditure is projected at ₦16.48 trillion, which is exclusive of transfers; statutory transfers stand at ₦4.26 trillion; the sinking fund is projected at ₦430.27 billion, while total recurrent (non-debt) expenditure is projected at ₦14.21 trillion”.