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Meet IGR targets or get sanctioned, President warns MDAs

President Muhammmadu Buhari has warned heads of all revenue generating agencies in the country to meet the revenue projections in the 2021 Budget or get sanctioned. The President gave this warning yesterday at a ceremony held in the Presidential Villa where he signed the 2021 Appropriation Act passed by the National Assembly into law. Buhari, who signed 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 costto- 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 fulfill their tax obligations promptly.” The President declared that the Federal Government was able to fund the 2020 capital budget to 89.1% despite the outbreak of the global coronavirus pandemic.

“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. As at December 2020, we had released about N1.748 trillion out of a total of 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 Januaryto- December fiscal year.”

The President commended the National Assembly for completing the important appropriation process in good time, adding that “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.” “In designing the 2021 Budget, we deliberately chose to pursue an expansionary fiscal policy.

As you are all aware, our economy recently lapsed into its second recession in four years. I mentioned during the presentation of the 2021 Appropriation Bill that we intend to use the budget to accelerate our economic recovery process, promote social inclusion and strengthen the resilience of the economy. All ministers are to ensure that their supervised Ministries, Departments and Agencies (MDAs) achieve the objectives set for their sectors,” he said.

On amendments made by the lawmakers, Buhari said: “I am aware of the changes that the National Assembly has made to the 2021 Budget proposal. We will examine these amendments and, where necessary, I will revert to the National Assembly with a request for amendment, virement or other appropriate adjustments to ensure that the core objectives of the budget are accomplished.” The President added that his administration, considering the recent confirmed spike in the spread of COVID-19, would ensure timely implementation of the health and emergency measures in the 2021 Budget to contain the spread of the virus.

He expressed the belief hat the 2021 Budget would stimulate domestic economic activities and create employment opportunities, especially for the youth. The National Assembly had, on December 21, 2020, passed the 2021 Appropriation Bill with an aggregate expenditure of N13,588,027,886,175 trillion.

It comprises total Capital Supplementation of N1,060,751,051,650 and total Capital Expenditure of N4,125,149,354,222, Statutory Transfer stands at N496,528,471,273; recurrent Expenditure of N5,641,970,060,680 and Gross Domestic Product (GDP) growth rate of 3.00 Percent. The lawmakers also provided the sum of N3,324,380,000 trillion for debt servicing.

The National Assembly increased the budget estimate by the sum of N505,607,317,942 from the estimate of N13,082,420,568,233 presented to the joint sitting of both Chambers by President Buhari on October 8, 2020. Present at the ceremony were Vice-President Yemi Osinbajo; Senate President Ahmad Lawan; Speaker, House of Representatives, Femi Gbajabiamila; Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha; Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, among others.

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