By Adedapo Adesanya
President Muhammadu Buhari, in his determination to ensure his administration achieve macroeconomic stability and economic diversity, has said any revenue generating agency that fails to meet a set target will henceforth suffer the consequences.
President Buhari gace this threat during his Independence Day broadcast to the nation in Abuja, the nation’s capital, Abuja, on Tuesday.
Some of the revenue-generating agencies that will be under scrutiny include the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Department of Petroleum Resources (DPR) amongst others.
“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,” Mr Buhari said in his televised speech.
“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 added.
“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,” he further said.
The President also said he has directed the ministry of finance, budget and national planning 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,” he said.
Speaking on his administration’s commitment to an inclusive and sustainable macroeconomic, fiscal and monetary policy, Buhari noted that with the recently appointed members of the Economic Advisory Council, the country was on track to achieving this.
“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.”
Mr Buhari also used the opportunity to appease to Nigerians on policy adjustments that could cause pain to the people saying that it will be moderated.
