FG laments rising expenditure amid dwindling revenue

The Federal Government has lamented the rise in public expenditure amid dwindling revenue accruals.

Mrs Oluwatoyin Madein, the Accountant General of the Federation, disclosed this on Wednesday at an interactive session on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper organised by the House of Representatives Committee on Finance.

Madein, however, assured the lawmakers that efforts are underway “to block revenue leakages and increase revenue generation.”

She said, “The revenue generation and its collection is dwindling compared to the expenditure against the money collected.

“Currently, a series of efforts are ongoing to shore up revenue, block leakages, and improve the revenue being brought into the federation.

“Since the revenue is in this position, the expenditure too has not been helping matters, especially with the current economic reality where the prices of things are increasing regularly.

“The expenditure too is on the rise, and definitely, the strategies to increase revenue must be worked upon continuously to ensure that we have funds to meet the expectations of Nigerians.”

DAILY POST recalls that the Federal Inland Revenue Service, FIRS, generated over N10 trillion as tax revenue in 2022; however, the World Bank said 96.3 per cent of government revenue was spent on debt servicing.