Senate moves to stop FIRS, Customs, NBC, 57 others from getting federal allocations

According to report reaching SKYTREND CONSULTING, the Nigerian Senate has concluded plans to advise the Federal Ministry of Finance, Budget and National Planning to exclude about 60 federal agencies from getting allocation from the national budget, beginning from next year.

The agencies include Federal Inland Revenue Service, Nigeria Customs Service, Security and Exchange Commission, National Broadcasting Commission and Oil and Gas Free Trade Zone Commission.

According to a Punch Newspaper, the Joint Committee on Finance and National Planning had concluded plans to include the proposal in its report which would be submitted to the Senate at plenary on resumption on September 15.

The proposal was due to the conviction that the agencies generate enough revenue to fund their overheads and payment of salaries, and would therefore not need to be funded from the national budget.

“We want to put an end to indolence and wastage of revenue. Many of the agencies have more than enough to remain on their own but they are still being funded from the national budget. We are doing this in the interest of Nigerians because we are tired of passing budgets that are not implementable due to deficit”. a member of the commitee was quoted by Punch as saying.

The joint panel on Tuesday concluded a five-day interactive session with the various Federal Government revenue generating agencies based on the 2021-2023 Medium Term Expenditure and Fiscal Strategy Paper.

The panel, in most of its engagements with the heads of the agencies, expressed disappointment with their poor revenue profile, huge wage bill and poor remittances to the Consolidated Revenue Fund account.

The Chairman of the joint committee, Senator Solomon Adeola, told the heads of the agencies after the session that many of them had no business receiving allocation from the federation account.

He said the Senate would work out an arrangement to amend the Fiscal Responsibility Act that would stop the agencies from spending the money they generate as they pleased.

He said some of the agencies like the Oil and Gas Free Trade Zone Commission, had willingly pulled out of being funded from the federal budget, meaning they would no longer collect allocation for salaries and overhead from the federation account.

Call 0803 239 3958 for free financial consulting advice for your businesses.
Send your accounting articles to


Businesses With Less Than N25m Turnover Are Now VAT Exempt

Scammers hack UBA server, cart away N752m

How to get quick loans from Gtbank, Zenith, UBA, Access Bank without collateral

Access Bank non-collateralized emergency loan hits N1bn daily: How you can benefit…

VAT threshold of N25m: All you need to know

PAYE: How to calculate personal income tax

Skytrend Consulting: Financial services and accounting solutions company

VAT on online purchases: 8 Critical things you must know

TraderMoni: Poverty Alleviation Or Political Leverage?


  1. Hahahahaha.

    Can’t these people face what will benefit the masses than leaving shape to pursue shadow?


Comments are closed.