As the prolongation of the timeline for fuel subsidy removal opens a N3 trillion vacuum in the 2022 national budget, setting Nigeria up for more borrowing, the National Assembly has unveiled a plan to fill the vacuum.

The Nigerian Senate has said that it will be up to revenue-generating agencies of the Federal Government to generate the needed N3 trillion. The Senate president Ahmed Lawan said the agencies are capable of generating the sum annually if the resources are prudently spent.

Lawan said this on Monday, while declaring open an interactive session on the need to improve internally generated revenue of the Federal Government and Revenue Projections of the agencies as stipulated in the Appropriation Act 2022.

He explained that the meeting, which was between the Senate leadership, members of the Senate Committee on Finance led by Senator Solomon Adeola, and revenue-generating agencies of government, was to explore means of increasing government revenue.

Part of the aim of the Senate according to Lawan, is to strictly cut down on wastage while boosting revenue generation.

Lawan said the National Assembly would be rigid on ensuring increased revenue, cutting down on the country’s budget deficits, borrowing, and preventing wasteful expenditures by agencies of government. In addition, he said that the Senate would provide the needed support via legislation to ensure that revenue agencies meet and surpass their targets.

“In 2022, National Assembly assumed and rightly so, that our government-owned enterprises can generate up to N3 trillion if we are of the mindset that we can achieve that and, of course, ensure that we oversight to stall any possibility of unwarranted expenditures by agencies of government.

“But that does not mean in any way that it is going to be some kind of investigation on what you do, but an encouragement of what you need to do.

“In this meeting and subsequent ones, there should be no holds barred on discussions. Where an agency feels it is encumbered in any way from achieving its target, it should say so, so that we are able to prescribe the right solutions for it to perform.

“As a National Assembly, let me say that the Senate particularly will be stiff on generating more and more revenue.

“We will be rigid, we will continue to insist because we believe that this is one sure and guaranteed way of reducing our deficit and borrowing,’’ he said.

During the meeting, the height of infrastructural decay in the country was decried by Senator Adeola, who largely attributed it to budget deficit.

Lawan said the National Assembly will seize this opportunity to save the country from poor budget implementation by helping government agencies to enhance their revenue generation, thereby facilitating infrastructural development.

“This committee is modified because the leaders of the Senate believe that we can do far better and we have seen signs when last year some of the agencies performed beyond expectation.

“So, it is an opportunity for us to save and enhance our economy and, of course, make Nigeria achieve more infrastructural development which is the goal of this administration and every Nigerian.

“We believe that when you (revenue agencies) generate the money, we (National Assembly) appropriate it.

“Prudence is of essence here, when we spend our money. And when we borrow, like the National Assembly has always tried to do, we borrow to treat specific projects and programmes of government,’’ he said.

However, there is concern that the move will compound Nigeria’s inflation, currently at 15.63%. The major challenge with revenue-generating agencies in Nigeria is corruption. With many of the agencies riddled with cases of embezzlement and malfeasance, the onus is on the Senate getting them to be transparent in remitting generated revenue.

Nigerian agencies are required by extant law to remit 25% of generated revenue to the federation account. However, their sincerity in remitting their generated revenue has been under serious question. Late last year, the House of Representatives, during the 2022 budget defense by Ministries, Departments and Agencies (MDAs), rejected the budget proposals of many government agencies for failing to provide evidence of 25% remittance of their generated revenue into the federation account.

In 2021, the Nigerian Custom Service generated N2.3 trillion, which its 25% amounts to five hundred and seventy five billion. Although other MDAs may not have exerted the same vigor in their revenue generation, it is believed that if 25% of their collective generated revenue is sincerely remitted to the federation account, it will beat the target N3 trillion.

Therefore, the National Assembly is expected to focus on ensuring transparency in the MDAs. The concern remains that setting new revenue targets for government’s revenue-generating agencies will result in further hardship for Nigerians, since it will mean them imposing additional charges on services which will in turn reflect on the cost of goods and services.

Nigerians are currently grappling with 17.37% food inflation, and can’t afford the hardship that will emanate from further increment in the cost of goods and services.

Nigeria, the acclaimed giant of Africa, graciously clocked 61 on October 1, 2021. I gathered the Independence anniversary has instilled mixed feelings among the teeming Nigerians.

In some quarters across the Nigerian State, many have argued that the commemoration deserves no iota of applause let alone celebrating it. Whilst, some are, on the contrary, of the view that the country has gone too far, hence ought to be celebrated by all and sundry.

It’s imperative to take into cognizance that at such a time like this, diverse opinions are usually obtained among the concerned entities and individuals at large. But no matter the way we try to view the scenario, we aren’t meant to forget that facts are invariably sacrosanct.

Before we draw our conclusion as regards where Nigeria is at the moment, it would be very pertinent for us to painstakingly take reference from the history book towards ensuring that derailment isn’t encountered in the process.

Nigeria became a British protectorate in 1901. The colonization lasted till 1960 when the country succeeded in gaining her independence. She first became a republic in 1963 but succumbed to military rule three years later, which emerged through a bloody coup d’état.

Furthermore, a separatist movement agitated for the Republic of Biafra in 1967, leading to the three-year civil war. The country returned to a republic after a new constitution was drafted and ratified in 1979. Pathetically, the second republic was short-lived when the military seized power again four years down the line.

Subsequently, a third republic emerged in 1993 but was fiercely dissolved by yet another military interruption led by General Sani Abachi. The said army general passed on in 1998. Consequently, a fourth republic was established the following year being 1999, which ended three decades of intermittent autocratic leadership.

Nigeria has really gone a long way. She has thus far squarely faced the numerous challenges life could bring. She has been able to outshine a few of the barriers but is yet to overcome some other critical ones, particularly those that are severely staring at her beautiful physiognomy.

Just like a man or any human who was born on a certain day. And as he grows, he learns that life, which could be described as unfair, presents mankind with two glaring options namely: the choice to live or to pass away. If such a man is truly determined to live despite all odds, then he must be ready to look the challenges right in their faces, hence ought to be willing to withstand them at all cost.

But if he feels he cannot make a reasonable life out of his existence here on earth, he would definitely give up in the long run. And as time progresses, he might even decide to take his life by himself. It’s noteworthy that despair, which often leads to suicidal mission, remains the worst thought a man could nurture.

In the case of Nigeria, she has hitherto proven to everyone her utmost desire to survive. She has obviously displayed a high level of gallantry toward her readiness to not just sustain survival but soar beyond the sky in spite of the outpouring hindrances.

For instance, to have been able to steadily sustain democracy since the emergence of the fourth republic in 1999 till date is enough reason to applaud her efforts. Notwithstanding the population, which is currently over two hundred million, Nigeria has in recent times been relatively able to accommodate her teeming subjects as one indivisible member of a given nation.

Aside from politics, Nigerians as a people are doing marvelously well in various fields of human endeavour, both at home and in the Diaspora. The citizens of the country residing abroad have on different occasions made the country proud by writing their names in gold. These and many more are the obvious reasons Nigeria deserves to be genuinely celebrated at 61.

However, as we ostensibly celebrate Nigeria, the leaders mustn’t fail to take note of some socio-political and economic plights that ought to be given a thorough attention if the country intends to record successes in its thrive towards survival and greatness.

Nigeria, just like most other African nations, is a country where the institutions are weaker than the individuals domiciled therein. In the Nigerian society in general, the latter is seemingly stronger than the former, thereby making mockery of such several constituted authorities as the law enforcement agencies, thus defacing the outlook of the country’s extant laws and policies.

This anomaly must be addressed headlong by strengthening the existing institutions, especially at this period the present administration is apparently interested in ending the lingering effects of corrupt practices and allied lifestyles.

Another critical predicament Nigeria is faced with is the ongoing phenomenon whereby the politicians see leadership, or holding a political office, as an avenue for self aggrandizement rather than service as it is seen in advanced countries.

This irritating situation could be addressed by henceforth reducing the take-home pay cum other accruable allowances of political office holders as well as ensuring every expenditure is accounted to and in line with the approved annual budget.

So, as Nigeria passes through 61, she must be reminded that even though the country is no longer where it used to be, there’s still a long distance to cover as regards the anticipated change.

Nigeria’s debt profile keeps galloping and taking the upward trend according to datas from the debt management office (DMO) but it is unfortunate that there’s nothing to show for it. When you think about it and analyze how much Nigeria has borrowed and who and whom Nigeria is owing you will wonder where the money has been entering and what the money was spent on.  As of december, 2021, Nigeria’s public debt profile is said to have hit N38 Trillion.

It was also reported that as of 31 March 2021, Nigeria’s external debt stock was about US$32.9 billion. Inside this total figure Nigeria is owing, debt to multilateral institutions such as the World Bank accounted for 54.3%, commercial debt accounted for (33%), bilateral debt accounted for (12.7%) and promissory notes which accounted for (0.55%).

The United States, World Bank, the UK, France, Switzerland, Japan, China etc are some of the countries Nigeria has borrowed from and currently owes. Latest data from the Debt Management Office reveals that Nigeria is owing China alone about  $4.1 billion as of September 2021.

It should be on record that borrowing is not bad; borrowing is good and it’s advisable. Best investment and business experts  advise that you should take a loan to fund some projects. It’s okay to borrow but what is not okay is to borrow for recurrent expenditures.

When an investor or a business man borrows, he is expected to plough that loan into some long or short term capital investments that would generate money subsequently so he can be able to repay back the loan. It becomes foolish when the so-called investor or business man uses the loan he got for recurrent expenditures like throwing parties, buying new cars or even paying salaries of workers.

Mr. Peter Obi, the former chief executive officer of Anambra state and former chairman of a top tier bank in Nigeria has been emphasizing on the point that the  Nigerian government should stop borrowing for recurrent expenditures. In his words, what develops a nation is education, health and things that can pull people out of poverty, so Nigeria should either borrow to invest in those or they shouldn’t borrow at all.

The borrowed funds are always looted by the kleptomaniacs is a hackneyed phrase. Nobody can account where and what  the 32.9 billion dollars Nigeria is currently owing was spent on. Nobody can show what sector it was invested into.

Subsequent borrowing should be put into long term expenditures; the government should invest in education with the borrowed funds, the government should invest in small and medium enterprises (SMES) to pull people out of poverty, the government should invest in security in other to attract foreign investors that will drive the foreign reserve upwards, invest in road networks; road networks that would link the rural and the urban areas in order to help peasant farmers and rural traders.