*Signs 2021 Budget, Finance Bill Into Law
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President Muhammadu Buhari has warned government agencies saddled with the task of revenue generation to work hard to meet their targets or get sanctioned for defaulting.
According to Garba Shehu, presidential spokesman, the president issued the warning after he signed the N13.588 trillion 2021 appropriation bill.
The 2021 budget was signed into law on Thursday.
“We are intensifying our domestic revenue mobilization efforts so that we can have adequate resources to fund the 2021 budget,” Buhari was quoted to have said.
“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.”
According to the statement, Buhari expressed delight that despite disruptions occasioned by the COVID-19 pandemic, the 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,” he said.
“As at December 2020, we had released about N1.748 trillion out of a total of the N1.962 trillion voted for the implementation of critical capital projects, representing a performance of about 89.1%.
“The overall performance of the 2020 Budget currently stands at an impressive rate of 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 also commended the national assembly for completing “the important appropriation process in good time”.
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