President Muhammadu Buhari has warned ministries, departments and agencies of government saddled with generating revenue generation to work hard to meet their targets or be sanctioned. Buhari issued the warning on Thursday after signing the ₦13.588 trillion 2021 Appropriation Bill and the 2020 Finance Bill into law.
“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,” Buhari was quoted as saying in a statement issued by the presidential spokesman, Garba Shehu. “I also appeal to our fellow citizens and the business community, at large, to fulfil their tax obligations promptly.
“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.”
The President noted that despite disruptions occasioned by the COVID-19 pandemic, the budget implementation passed previous thresholds.