- To check FG’s borrowing profile
BY COBHAM NSA, ABUJA – The Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, has tasked the Executive Chairman of Federal Inland Revenue Service (FIRS), Mr Mohammed M. Nami and the new Board on improved revenue generation to check Federal Government’s worrying reliance on borrowings to fund its annual budget.
This is even as the SGF expressed confidence that under Nami’s watch, FIRS will not only meet but also exceed government’s revenue targets from taxation.
According to Mustapha, with more revenue generated into the government coffers from taxes, there will be less attraction to depend on borrowing, adding that the FIRS boss and its Board must therefore be proactive in their tax collection drive to change the worrying dwindling revenue narrative.
The SGF, who blamed government’s resort to borrowing in recent times largely on the existing huge funding gap, however pledged support for Nami and the Board to make the required difference the country’s revenue profile.
Mustapha while presenting letters of appointments of the newly inaugurated FIRS Board members to the Chairman, Mr Nami who visited him in Abuja, congratulated him on his recent appointment, stressing that the Federal Government “needs all the money to enable Mr President deliver on his mandate”.
He said as part of efforts to enhance financial prudence and curb wastages in public spending, the Federal Government has placed restrictions on its officials, particularly ministers, to reduce the number of aides whenever they are embarking on trips.
The SGF also assured that government is working hard to address the disturbing situation where overhead cost of governance far outweighs capital expenditure in the annual budget.
In his remarks, the FIRS Chairman, Nami thanked the SGF for the support, assuring that the Service will not relent in ensuring effective mandate delivery of meeting its set revenue targets annually.