The Federal Government has defended its borrowing practices, stating that loans are acquired based on approvals from the National Assembly.
This clarification was made during an interactive session between the Federal Government’s revenue-generating agencies and the National Assembly’s joint committees on finance, budget, and national planning. The session focused on the 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper.
During the session, revenue-generating agencies, including the Nigeria Customs Service, Nigerian National Petroleum Company Limited, and Federal Inland Revenue Service, presented their performances and revenue projections for the 2025 budget. Despite exceeding revenue targets and generating a combined revenue of N36.952 trillion, the Federal Government still seeks foreign loans, which raised concerns among lawmakers.
