A member of the Senate representing Osun East Senatorial District, Senator Francis Fadahunsi, says the Federal government has the capacity to finance the 2021 budget, provided all the leakages draining the revenues of government are plugged.
He therefore advised President Muhammadu Buhari, to be committed to blocking the loopholes in the payments of customs’ excise duties, efficiency of the Federal Inland Revenue service and other sources to generate funds to drive the budget.
President Buhari on Thursday, December 31,2020 signed a total of N13.6 trillion as the 2021 appropriation law.
Looking at the breakdown of the financial estimate, a total of N5.6 trillion was budgeted as recurrent Expenditure, N4.1 trillion as capital expenditure and N5.2 trillion as fiscal deficit.
Addressing journalists on Saturday, Fadahunsi averred that the customs could generate over N4 trillion, if properly monitored.
He said : ” As a Senator of the Federal Republic of Nigeria, I share the view that there are viable economic opportunities where the FG can fund the 2021 budget.
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“Let us start with customs’ excise duties. If our borders are well monitored and values of importation are declared accurately, the country can generate as much as N4 trillion in spite of the COVID- 19 pandemic.
“Though, we have an ineffective and inept leadership at the customs who didn’t know up to 20 percent of what is happening there even when we have professional customs officers that can work and generate over N4 trillion.
“Why should government now privatise customs to be able to generate N3 trillion? I believe it was meant for few people to corner the revenues of government and put our money in their own pockets.
“As a committee of the Senate superintending over Customs, we have done what we are supposed to do. They have now got the scanners that will help their operations. If there are good monitoring mechanisms and the duties are collected at transactional values, the customs will generate above N3 trillion the FG expected a private body to rake in”.
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Fadahunsi described as misguided, the directive given by President Buhari that customs should cease from giving license on food importation, saying the President had been ill- advised.
“The President was there at the Villa being advised by few Advisers. Has the President forgotten that the North was being ravaged by wars? If he said they shouldn’t give license on food import, I wish him the best of luck.
“The flood in the North has reduced rice production. The wars in Borno has reduced beans production. The banditry in Zamfara is also affecting food production. The kidnapping in Katsina has not allowed farmers to produce food in full capacities. Even, the farmers used to pay money in some states to bandits before they can farm.”
He appealed to Buhari to monitor the activities of the Nigerian Ports Authorities and FIRS, banking on the amended finance and FIRS laws of the country.
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