President Muhammadu Buhari today issued a stern warning to agencies of govt saddled with generating revenue to work hard to meet their targets.
The President issued the stern warning to revenue generating agencies of government, after he signed the Thirteen and a half trillion Naira (₦13.588 trillion) 2021 Appropriation Bill and the 2020 Finance Bill into law.
The president said:
“We are intensifying our domestic revenue mobilization efforts so that we can have adequate resources to fund the 2021 Budget.
Revenue Generating Agencies, and indeed all Ministries, Departments and Govt-Owned Enterprises, must work very hard to achieve their revenue targets.
Relevant Agencies are to ensure d realization of our crude oil production & export targets
Heads of defaulting Agencies are warned that they will be severely sanctioned
I also appeal to our fellow citizens & the biz community, to fulfil their tax obligations promptly.”
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 N1.748 trillion out of a total of N1.962 trillion.
The overall performance of the 2020 Budget currently stands at an impressive of 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
I commend the sustained mutual understanding, collaboration and high-level engagements between officials of the Executive and Legislative Arms of Government, which have made the accelerated enactment of these Bills possible.
We must maintain partnership in the interest of our people, regardless of any differences regarding the Legislative provisions governing our federal budgeting process.
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