Ahmed Lawan, the senate president, has revealed that the federal government of Nigeria has been borrowing to finance budgets simply as a result of the inefficiency of many revenue-generating agencies.
He made this known through Ezrel Tabiowo, his special assistant (press), who represented him at the third University of Benin/National Institute for legislative and Democratic Studies (NILDS) convocation ceremony.
He said: “Today, Nigeria is challenged by the unavailability of revenues. We can pass the budget in record time, but when it comes to implementation, that becomes subject to how much revenue we are able to realize.
“The majority of the agencies don’t remit these revenues. They force the Nigerian government to resort to borrowing.
“The time has come for the national assembly to continuously engage revenue generating agencies to know what their challenges are. Where they have targets, we must ensure they meet these targets. Where they don’t meet them, we should find out why.”