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The Senate has condemned a projected deficit of ₦12.41trillion in the 2023 budget, describing the amount as unacceptable.

The Chairman, Senate Committee on Finance, Senator Solomon Adeolamade this assertion during an interactive session on the 2023 – 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) organised by the Committee in Abuja on Tuesday.

Senator Adeola said efforts must be made to reduce the humongous deficit; recalling that the Senate Committee on Finance had started an investigative hearing on March 9, 2021, on remittances of all Revenue Generating Agencies of Government to the Consolidated Revenue for the Federation (CRF), as well as payment of the 1% stamp duty on all contracts executed in all MDAs.

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The Committee Chairman noted that the investigation, which is still ongoing, is targeted at blocking revenue leakages, as well as boosting revenues of the Government in the face of dwindling resources from the traditional revenue source of crude oil.

He maintained that it is also premised on the need to reduce the Government’s yearly budget deficits resulting in massive borrowings from local and international sources.

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