President Muhammadu Buhari says revenue generating agencies of the government will face severe consequences for not achieving agreed targets.
The president made this known on Tuesday during his Independence Day broadcast to the nation.
Some of the revenue-generating agencies that will be affected include the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Department of Petroleum Resources (DPR) amongst others.
“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 said.
“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.
“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.”
Speaking further, the president said the ministry of finance, budget and national planning has been directed 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.
“I recently constituted an Economic Advisory Council to advise me on inclusive and sustainable macroeconomic, fiscal and monetary policies. 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.”
Buhari assured that policy adjustments that could cause pain to the citizenry will be moderated.