The Senate has decried a projected deficit of twelve point four one trillion naira in next year’s budget, describing it as unacceptable.

The Chairman, Senate Committee on Finance, Senator Solomon Adeola, made this assertion during an interactive session on the twenty twenty-three to twenty twenty-five Medium Term Expenditure Framework and Fiscal Strategy Paper organized by the committee in Abuja.

Mr. Adeola said efforts must be made to reduce the humongous deficit.

According to him, the Senate Committee on Finance started an investigative hearing on remittances of all revenue generating agencies of government to the Consolidated Revenue for the Federation as well as payment of the one percent Stamp Duty on all contracts executed in all MDAs.