Buhari Tasks Revenue Agencies On Targets, Signs 2021 Budget, 2020 Finance Act

Buhari signs 2021 Budget at Council Chambers

BY EDMOND ODOK, ABUJA – Hoping for a more robust and effective implementation of the 2021 Budget, President Muhammadu Buhari says no excuse will be tolerated from revenue generating agencies of government that fail to meet their targets in year 2021.

Giving the marching order on Thursday in Abuja, the President said hard work and commitment to set goals must be their watchword as the Federal Government sets its eyes on improving the welfare and living conditions of Nigerians in the New Year.

President Buhari, who spoke while signing the N13.588 trillion 2021 Appropriation Bill and the 2020 Finance Bill into law, 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 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.”

A statement by Garba Shehu, Senior special Assistant to the President on Media and Publicity, quoted him as saying that; “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.”

He said it is gratifying that despite systemic disruptions caused by the COVID-19 pandemic, 2020 Budget implementation passed previous thresholds, adding; “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.”

According to him; “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,” the President said.

He praised the National Assembly for completing “the important appropriation process in good time,” adding; “the passage of the 2021 Federal Budget before the commencement of the 2021 fiscal year is in confirmation of our resolve to maintain a predictable January-December fiscal year, as provided for in the Constitution of the Federal Republic of Nigeria.”

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