– President Buhari has to punish any revenue agency that fails to meet pre-agreed targets in Nigeria’s bid to turn around the downward-trend of the economy
– Buhari revealed this in his national broadcast to celebrate Nigeria’s independence on Tuesday
– Nigeria’s top revenue-generating bodies are the Nigeria Customs Service headed by Hameed Ali and the Federal Inland Revenue Service (FIRS) headed by Babatunde Fowler
President Muhammadu Buhari has warned Nigeria’s revenue-generating agencies to prepare for tough times ahead because the country relies on them for funds to executive his administration’s economic plans.
President Buhari said the agencies would come under greater pressure than they currently are in the days ahead.
He made the announcement during his national broadcast on Tuesday, October 1 morning as Nigerians celebrated the country’s 59th independence anniversary.
He said: “…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.”
The president added that he has given the necessary ministries “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.”
Buhari lamented Nigeria’s continued dependence on crude oil exports say his government wants to change all that.
He said: “This Administration inherited a skewed economy, where the Oil Sector comprised only 8% of Gross Domestic Product but contributed 70% of government revenue and 90% foreign exchange earnings over the years.
“Past periods of relatively high economic growth were driven by our reliance on Oil Sector revenues to finance our demand for imported goods and services. Regrettably, previous governments abandoned the residual Investment-driven Non-Oil Sector, which constituted 40% of Gross Domestic Product and comprised agriculture, livestock, agro-processing, arts, entertainment, mining and manufacturing activities that provide millions of jobs for able-bodied Nigerians and utilize locally available raw materials and labour for production.”