President Muhammadu Buhari has warned government agencies
saddled with the task of revenue generation to work hard to meet their targets
or get sanctioned for defaulting.
According to Garba Shehu, presidential spokesman, the
president issued the warning after he signed the N13.588 trillion 2021
appropriation bill.
The 2021 budget was signed into law on Thursday.
“We are intensifying our domestic revenue mobilization
efforts so that we can have adequate resources to fund the 2021 budget,” Buhari
was quoted to have said.
“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. I also appeal to our fellow citizens and the business
community, at large, to fulfil their tax obligations promptly.”
According to the statement, Buhari expressed delight that
despite disruptions occasioned by the COVID-19 pandemic, the 2020 budget
implementation passed previous thresholds.
“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,” he said.
“As at December 2020, we had released about N1.748 trillion
out of a total of the N1.962 trillion voted for the implementation of critical
capital projects, representing a performance of about 89.1%.
“The overall performance of the 2020 Budget currently stands
at an impressive rate 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.
“The Minister of Finance, Budget and National Planning will
provide further details on the 2020 Budget’s performance, in due course.”
The president also commended the national assembly for
completing “the important appropriation process in good time”.
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