Bagudu Urges MDAs and GOEs to Boost Revenue Generation.

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The Minister of Budget and Economic Planning, Abubakar Bagudu, has called on revenue-generating ministries, departments, and agencies (MDAs), as well as government-owned enterprises (GOEs), to intensify their efforts to achieve the government’s N36.35 trillion revenue target for 2025.

Speaking at the National Assembly’s Joint Committees on Finance hearing on the 2025 Appropriation Bill, Bagudu expressed optimism about the gains from President Bola Tinubu’s economic reforms, noting that they are already yielding results. He highlighted the directive given to GOEs in 2024 to increase revenue generation and stressed the need for compliance with the President’s call for improved performance in 2025.

Bagudu attributed the improved revenue inflow to the removal of fuel and foreign exchange subsidies, which he said have begun to positively impact the finances of the three tiers of government. He emphasized that savings from these reforms are expected to sustain an upward revenue trajectory.

The minister also noted that the government’s efforts to increase oil production while reducing production costs would significantly bolster the national treasury. The proposed budget, amounting to N49.74 trillion, is based on key assumptions, including daily oil production of 2.06 million barrels and an oil price benchmark of $75 per barrel.

Despite the N13.08 trillion deficit, Bagudu assured lawmakers of the administration’s ability to generate the required revenue to fund the budget. He highlighted critical reforms aimed at generating more revenue, correcting economic distortions, and improving expenditure efficiency.

“All the bold and courageous steps taken, with the support of the National Assembly, are designed to enhance revenue generation for the three tiers of government and ensure more efficient use of public funds,” Bagudu added.

The chairmen of the Joint Committees, Senator Mohammed Sani Musa and Hon. James Faleke, commended the minister for his comprehensive presentation and expressed hope that MDAs would fully cooperate with the committee in executing its oversight responsibilities.

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