President Muhammadu Buhari says
revenue generating agencies of the government will face severe consequences for
not achieving agreed targets.
The president made this known on
Tuesday during his Independence Day broadcast to the nation.
Some of the revenue-generating
agencies that will be affected include the Federal Inland Revenue Service
(FIRS), Nigeria Customs Service, Department of Petroleum Resources (DPR)
amongst others.
“Our commitment to achieving
macroeconomic stability and economic diversification has been underscored by
the merger of the Ministry of Finance with the Ministry of Budget and National
Planning,” he said.
“This combined Ministry has the
important mandate to enhance the management of domestic and global fiscal
risks; coordinate policies with the trade and monetary authorities; raise and
deploy revenues to fund budgeted expenditure, and integrate annual budgets and
medium-term fiscal strategies.
“With this, our revenue-generating
and reporting agencies will come under much greater scrutiny, going forward, as
the new performance management framework will reward exceptional revenue
performance, while severe consequences will attend failures to achieve agreed
revenue targets.”
Speaking further, the president
said the ministry of finance, budget and national planning has been directed to
release N600 billion for capital expenditure within the next three months.
“Implementation of the 2019
Capital Budget, which was only approved in June 2019, will be accelerated to
ensure that critical priority projects are completed or substantially
addressed.
“The Ministry of Finance, Budget
and National Planning have been directed to release N600 billion for Capital
Expenditure in the next 3 months.
“I recently constituted an
Economic Advisory Council to advise me on inclusive and sustainable
macroeconomic, fiscal and monetary policies. This independent body will work
with relevant Cabinet members and the heads of key monetary, fiscal and trade
agencies to ensure we remain on track as we strive for collective prosperity.”
Buhari assured that policy
adjustments that could cause pain to the citizenry will be moderated.
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