Buhari: All Revenues from NNPC, Others Must be Paid into Consolidated Revenue Fund

In a landmark directive, President Muhammadu Buhari monday ordered all revenue generating agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Nigerian Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Liquefied Natural Gas (NLNG), amongst others, to pay all their revenues into the Consolidated Revenue Fund (CFR).

The president issued the directive during the inauguration of the National Economic Council (NEC) at the Presidential Villa, Abuja, adding that the agencies would henceforth be required to submit budgets for appropriation to meet their expenditure needs annually after their revenue had been remitted.

Based on the directive, agencies like NNPC would no longer be allowed to withdraw funds that should have been remitted to the CFR to meet its expenses before remitting whatever balance it deems fit.

He also charged state governors to, as a matter of urgency, explore efficient means of gradually liquidating all unpaid salaries of workers in their states.

He said the non-payment of arrears of salaries had brought untold hardship to thousands of families.

Buhari said: “I would like also, as a former governor myself, to remind us of the need for neighbouring states to cooperate closely on projects such as interstate and feeder roads, soil erosion, desertification and other developmental programmes.

“Our country is one and we have the responsibility to run it and lead by example. As far as possible, there should be distance between politics and development programmes.

“On its part, the federal government will abide by the provisions of Sections 80 and 162 of the constitution and ensure more accountability, transparency and integrity in the distribution of revenue from the Federation Account.

“All revenue generating agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Nigerian Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian  Liquefied Natural Gas (NLNG), amongst others, shall comply with stipulated financial regulations and administrative instructions in their remittances into the Consolidated Revenue Fund.”

On the insurgency in the North-east, the president noted that the Nigerian armed forces had shown renewed commitment and made steady progress in the fight against Boko Haram.

“Nigeria, under the auspices of the Lake Chad Basin Commission and the Republic of Benin is collaborating with the Republics of Niger, Chad and Cameroun to consolidate cross-border and international efforts at eradicating the insurgency.

“I am also happy to reiterate that following my invitation to Germany early this month by the G7 nations, which have shown concern about the insurgency, have promised to intervene to restore the destroyed infrastructure, schools and hospitals amongst others, and I have directed the frontline states of Borno, Yobe and Adamawa to articulate realistic assessments, costs, locations on local government by local government of affected facilities for submission to the president of the G7 for further verification.

“In addition, the requirements of the military have been prepared by the service chiefs for the consideration of the G7 nations.

“Let me reiterate the high expectations of the NEC as a veritable source of articulating policies and programmes that are people-centred and capable of driving further the expected growth and development of the country as well as providing the environment required for progress.

“I will like to express my appreciation to the Vice-President, Prof. Yemi Osinbajo (SAN), and all council members for the honour and privilege to formally inaugurate the National Economic Council today and to wish you all a successful tenure,” Buhari said.

He noted that his administration was fully committed to embarking on sustainable visionary initiatives and programmes that would restructure and transform the national economy.

“We are also committed to ensuring collaboration and facilitation of the international efforts to combat threats of cross-border terrorism, sea piracy, refugees, internally displaced persons (IDPs), financial crimes, cyber crimes, climate change; the spread of communicable diseases and other challenges of the 21st century.

“I urge you all to ensure that we surmount these enormous challenges facing us as a country by working to support economic policies, which the government will soon unveil to grow our economy and finance our external promises.

“I am pleased to note that the council meetings have, over the years, been very constructive and productive, and the key outcomes as well as recommendations translated into government policies at the federal and state levels.

“This has not only facilitated national economic planning, but also led to overall political harmony. It is also reassuring to note that steps have been taken in the past to strengthen the effectiveness of the council in its role as prime adviser on developments in the economy.

“This process must be geared up substantially especially in the difficult times that we have now found ourselves. The National Planning Commission must continue to work to arrive at a workable consensus on government policies among the various tiers of government, which is a prerequisite for sustained growth and development.

“It is evident that the task of ensuring growth, job creation and equity is quite enormous. Consequently, we must kick-start this process by cultivating a culture of prudent management of resources at all levels of government.

“This will entail looking inwards to secure sustainable ways of increasing internally generated revenue (IGR) and harnessing growth potential of each state to supplement the Federation Account allocation to states.

“The states are also encouraged to embark on projects that will meet the immediate needs of the people taking account of available resources,” Buhari said.