President Muhammadu Buhari has urged all federal Ministries, Department and Agencies to generate revenue in 2021.
The president stated this on Thursday at the National Assembly where he presented draft estimates of the 2021 budget.
Addressing the lawmakers, the president said he has directed MDAs to generate revenue ‘no matter how little’ to compliment his administration’s revenue generation drive.
He also urged the lawmakers to pay attention to the revenue generation as much as they do to expenditure.
The 2021 budget, according to the president, is the roadmap for post-coronavirus economy.
He said It is aimed at accelerating the economic recovery process.
The 2021 budget is themed ‘Economic Recovery and Resilience’ – with the aim of promoting economic diversification and social inclusion.
The proposed expenditure is put at N13.08 trillion with a crude oil benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day).
The budget contains recurrent expenditure of N5.65 trillion, personnel cost of N3.76 trillion and Debt Service of N3.12 trillion.
Aside oil revenue, Nigeria derives its non-oil revenue from agencies such as the Nigerian Customs, FIRS, CBN, NCC and a few other revenue generating agencies.
The new directive of the president could force MDAs who do not bring anything to the table to start sourcing for sources of income.
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