National Assembly raised concerns on Monday regarding President Bola Tinubu’s ongoing request for foreign loans, following revelations that key revenue-generating agencies of the federal government have already exceeded their 2024 revenue targets. This has sparked debate over the need for further borrowing amidst rising internal revenues.

Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), presented an impressive performance during an interactive session with the National Assembly’s joint committees. According to Adedeji, the Federal Government had already generated N1.5 trillion in education tax by the end of September—far surpassing its original target of N70 billion. Similarly, the FIRS reported that N5.7 trillion in company income tax had been collected, exceeding its N4 trillion target for the year.

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“Out of a targeted N19.4 trillion for 2024, we have already realized N18.5 trillion by September,” Adedeji confirmed. “We expect to exceed this target by the end of the year.”

The Nigerian National Petroleum Corporation (NNPC), too, shared positive news. Mele Kyari, the Group CEO of NNPC, revealed that the company had exceeded its 2024 revenue goal, having already generated N13.1 trillion, compared to the projected N12.3 trillion. Looking ahead to 2025, the company plans to contribute N23.7 trillion to the Federation Account.

The Nigeria Customs Service also reported positive revenue growth. Bashir Adeniyi, the Comptroller-General, informed the National Assembly that Customs had collected N5.35 trillion by September, surpassing its N5.09 trillion target for the year. For 2025, Customs is projecting a revenue target of N6.3 trillion.

However, despite these positive outcomes, members of the Senate Committee on Finance expressed concerns about the government’s continued reliance on foreign loans. Senator Adamu Aliero from Kebbi Central questioned why the government sought further borrowing when revenue collection had exceeded expectations.

In response, Adedeji clarified that borrowing plans were already part of the approved National Assembly budget. He emphasized that revenue growth does not negate the necessity for borrowing, especially in light of the N9.7 trillion budget deficit. Minister of Budget and Economic Planning, Senator Atiku Bagudu, echoed this, highlighting that borrowing was necessary for financing key development projects and meeting long-term goals, such as achieving a GDP per capita of $33,000 by 2050.

The Finance Minister, Mr. Wale Edun, further explained that while revenue figures were encouraging, the government still required additional funds to adequately address the country’s economic needs and sustain key sectors, particularly for the most vulnerable populations.

The session also saw tension rise when the Nigerian Immigration Service was questioned over a controversial public-private partnership (PPP) arrangement concerning passport production. Under the current deal, a consultancy firm receives 70% of the proceeds, with the government only receiving 30%. This arrangement was deemed unacceptable by the committee, with Senator Sani Musa demanding a full review or cancellation of the deal. The Immigration Service was instructed to provide all relevant documentation by the end of the week.