The Federal Government has described as worrisome the rise in public expenditure amid dwindling revenue accruals. The Accountant General of the Federation, Mrs Oluwatoyin Madein stated 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.
Mrs Madein however assured the lawmakers that efforts are ongoing “To block revenue leakages and increase revenue generation.”
According to her, “The revenue generation and its collection is dwindling in comparison with the expenditure set against the money collected.
“But currently, a series of efforts are ongoing to shore up revenue, block the leakages and improve on the revenue that is being brought into the federation.
“Inasmuch as the revenue is in this position, the expenditure too has not also been helping matters, especially with the current economic reality where the prices of things are going up regularly.
“The expenditure too is on the rise and definitely the strategies to increase revenue must be worked upon on a continuous basis to ensure that we are having funds to meet the expectations of Nigerians.” The AGF also pleaded with the Committee to assist her office “With all the plans, strategies, ideas”.
