The Chairman of the Senate Committee on Customs, Senator Jimisah Jibrin, has urged the Federal Inland Revenue Service (FIRS) to adopt a more proactive approach to their operations in order to help reduce the projected 2025 budget deficit.
This statement follows the announcement of President Bola Ahmed Tinubu’s projected 2025 budget deficit of N13.39 trillion.
Jibrin called on the FIRS to enhance service delivery by expanding the tax base and incorporating emerging or untapped taxpayers to create a more inclusive and efficient revenue system.
He further stated that unwavering action by the FIRS would significantly ease the nation’s debt burden.
“So much—about 15 percent of the budget expenditure—is earmarked for debt servicing. This is enormous,” he stated.
“We need to avoid what I call a ‘debt peonage system’—a cycle where we’re constantly in debt. The only way out is to significantly improve our revenue generation capacity,” he added.
Jibrin also commended the president’s efforts in nation-building through the establishment of robust frameworks aimed at driving sustainable development and fostering long-term growth.
He highlighted the government’s plans to strengthen the naira, stating, “The exchange rate projection of N1,500 to $1 and the growth rate target of 4% in 2025 are grounded in data analysis, which gives hope for stability and progress.”
“A N1,500 exchange rate is more realistic than what we saw in the previous year. So right now, the exchange rate used for this budget is N1,500 to $1, and that is not bad at all,” he noted.
“The foundation of this budget is also very unique in terms of data collection and analysis. From the data, I can confidently say there’s good hope for 2025,” he remarked.
Former Edo State Governor Adams Oshiomhole also reflected on the harsh effects of government policies, acknowledging that their ultimate outcome offers hope for national growth.
“The task of a leader is to give hope. While reforms can be painful, the absence of reforms would lead to stagnation,” Oshiomhole stated.
“We can see the light at the end of the tunnel, but the National Assembly must ensure proper oversight to turn these figures into tangible results,” he added.
“We owe it to Nigerians to ensure that every figure and allocation in this budget reflects their best interests,” he concluded.