Femi Gbajabiamila, the speaker of the House of Representatives, has revealed that some revenue generating agencies are diverting funds for unnecessary expenditure and keep forcing the Government to take loans from foreign countries.
Femi Gbajabiamila also revealed that this is the commencements of the dialogue session on medium Term Expenditure Frameworks (MTEF) and Fiscal Strategy Paper (FSP) organized by the Committee on Finances.
The session would be for revenue consideration with heads of revenue-generating agencies in attendance.
According to Femi Gbajabiamila, “consistent failure to adhere to the revenue remittance agreements to which many of these agencies have committed.”
He, therefore, criticized the agencies for making Government seek loans to finance infrastructural development. Gbajabiamila also warned that credits would not be sufficient to fund the capital component of the budget.
“We have credible reports that these desperately needed funds have, in many cases, been diverted to finance unnecessary trivialities. At the same time, the Government is left scrambling for alternative sources to fund priority projects.
“We recognize that we cannot accomplish these objectives using loans and outside financing alone.”
Also, in a speech made by James Faleke, the Chairman of the Committee, said that the focus would be on MTEF, which President Buhari already sent to the National Assembly before its annual recess.