President Muhammadu Buhari has issued a stern warning to revenue generating agencies in the country to either meet their targets or get sanctioned for defaulting.
The President issued the warning after he signed the Thirteen-Point- Five- Eight-Eight trillion Naira (N13.588 trillion) 2021 Appropriation Bill and the 2020 Finance Bill into law.
This was contained in a statement issued by Garba Shehu, Senior Special Assistant to the President on Media and Publicity, on Thursday.
“We are intensifying our domestic revenue mobilization efforts so that we can have adequate resources to fund the 2021 Budget,” the statement added.
“Revenue Generating Agencies, and indeed all Ministries, Departments and Government-Owned Enterprises, must work very hard to achieve their revenue targets, control their cost-to-revenue ratios, as well as ensure prompt and full remittance of revenue collections.
“Relevant Agencies are to ensure the realization of our crude oil production and export targets.
“Heads of defaulting Agencies are hereby warned that they will be severely sanctioned.”
The President also urged citizens to and the business community, at large, to fulfil their tax obligations promptly.
“President Buhari expressed his delight that despite disruptions occasioned by the Coronavirus pandemic, 2020 Budget implementation passed previous thresholds,” Shehu quoted he President to have said.
“In spite of the adverse impact of the Coronavirus Pandemic on the nation’s economy and the Government’s revenues, we have made appreciable progress in the implementation of the 2020 Budget.
“As at December 2020, we had released about One-point-Seven-Four-Eight Trillion Naira (N1.748 trillion) out of a total of the One-Point-Nine-Six-Two Trillion Naira (N1.962 trillion) voted for the implementation of critical capital projects,..“…representing a performance of about Eight-Nine-Point-One Percent (89.1%).
“The overall performance of the 2020 Budget currently stands at an impressive rate of Ninety-Seven-point-Seven Percent (97.7%).
“This commendable outcome underscores the importance of our efforts, together with the Legislature, to return to the discipline of a January-to-December fiscal year.”
“The Minister of Finance, Budget and National Planning will provide further details on the 2020 Budget’s performance, in due course,” the statement further added.
“The President commended the National Assembly for completing “the important appropriation process in good time,”adding that “the passage of the 2021 Federal Budget before the commencement of the 2021 fiscal year is in confirmation of our resolve to maintain a predictable January-December fiscal year, as provided for in the Constitution of the Federal Republic of Nigeria.”
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