President Muhammadu Buhari on Thursday, told the revenue generating agencies of the government to work hard by meeting their targets or get sanctioned.
This is even as he has concluded plans to make a 7am nationwide broadcast on Friday, January 1st, 2021.
The President gave the warning when he signed the 2021 Appropriation Bill as well as the 2020 Finance Bill into law.
As earlier reported by Switch Nigeria, the 2021 Appropriation Bill and the 2020 Finance Bill that was been singed into law by the President is in the tune of Thirteen-Point- Five- Eight-Eight trillion Naira (N13.588 trillion)
While appealing to the Nigeria citizens and the business community at large, to fulfil their tax obligations, the President according to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, called on all Ministries, Departments and Government-Owned Enterprises, to work hard to achieve their revenue targets, saying the country needs the resources to fund the 2021 budget.
“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 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,” said the President.
He expressed his delight that despite disruptions occasioned by the Coronavirus pandemic, 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. 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,” he said.
Buhari commended the National Assembly for completing “the important appropriation process in good time,” before the commencement of the the 2021 fiscal year.