By Nathaniel Zacchaeus, Abuja

President of the Senate, Godswill Akpabio, has tasked the Committee on Finance to ensure that revenue-generating agencies remit appropriate revenues to the Federation Account through aggressive oversight.

He said this was to curb revenue leakages in the country.

Akpabio asked the panel to scrutinise the remittances of the agencies and government-owned enterprises and make sure that all revenues they generate are properly deposited into the federation account.

The Chairman of the Senate Committee on Finance, Senator Sani Musa, disclosed in a statement yesterday.

The Senator, who is representing Niger East Senatorial District in the National Assembly, said his panel was asked to ensure that all remittances are done by the provisions of the Fiscal Responsibility Act.

He said, “The President of the Senate, Senator Godswill Akpabio, has given the Finance Committee a marching order to as a matter of national concern and interest embark on serious legislative oversight of all revenue-generating agencies.

“This is to make sure that all revenue income is deposited in the federation account. The Senate President asked us to identify defaulting agencies and prescribe sanctions where necessary in line with extant legislation and also by the Fiscal Responsibility Act.”

Sani, who pledged that his committee would carry out the directive of the Senate President with diligence and all sense of responsibility, noted that the country cannot afford to lose any revenue at the moment.

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He said, “The recent removal of fuel subsidies, which decision was the best, has added to the burden felt by many citizens.

“This has underscored the urgency for comprehensive measures that would not only stabilise the economy but will also ensure equitable access to necessities and opportunities for all segments of society.

“The country is faced with dual challenges of rising debt and insufficient revenue which demand our immediate attention.

“The Senate Finance Committee under my leadership commitment will be to embark on a mission to amplify our revenue streams.

“We will assist in driving economic growth that is not only robust but also resilient through legislative means.

“We will provide legislative platform to manage our debt judiciously and explore avenues for favourable terms and sustainable repayment simultaneously.”

The Senator congratulated the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, on his appointment.

He said his position carries with it a profound responsibility for shaping Nigeria’s economic trajectory.

He said, “In my capacity as the Chairman of the Senate Committee on Finance I am very much aware and in the know of the economic and developmental challenges our country is going through.

“This includes the escalating debt burden, low revenue profile, and fiscal irresponsibility by some MDAs. 

“In this pursuit, I pledge to lead the committee with diligence, innovation, and a steadfast focus on securing our nation’s economic prosperity.

“It is a known fact that the Nigerian economy stands at a critical juncture, navigating through a complex web of economic challenges that necessitate strategic and informed policy responses.

“Stringent Oversight of Revenue Agencies will be entrenched as our responsibility extends to overseeing the activities of revenue-generating agencies.

“Through rigorous oversight, we will ensure their transparency, accountability, and efficiency, thus maximising revenue collection for national development.”