Why We Cannot Fully Implement 2017 Budget–FG Explains

By Ikenga Chronicles September 13, 2017

Why We Cannot Fully Implement 2017 Budget–FG Explains

The Federal Government on Tuesday confessed that it has not been able to fully implement the 2017 budget.

Explaining why,the FG stated that there has been a low revenue generation by its Ministries, Departments and Agencies which has not met the N807bn target set.

Speaking in Abuja on Tuesday at a workshop on compliance with the Fiscal Responsibility Act, which was organised for senior officers of the MDAs, the Accountant-General of the Federation, Mr. Ahmed Idris, said only N120bn has been remitted which amounts to 25 per cent of the N807bn target given to the Agencies with just four months to the end of the year.

Some of the agencies generating revenue for the Federal Government alone under the FRA are the Central Bank of Nigeria, Joint Admissions and Matriculation Board and the Nigerian Maritime Administration and Safety Agency.

Idris recalled that in 2016, the government fixed a revenue target of N1.3tn for the agencies, adding that only 35 per cent of the target was realised.

He said the development made the government reduce this year’s target to N807bn, yet, only about 25 per cent was so far generated.

“We only realised 35 per cent of the N1.3tn revenue estimated for 2016. For 2017, it has been lowered to about N807bn and we are now in the third quarter of the year. But what we have been able to realise to date is about N120bn.

“We are now in September, which means we have not even gone half way; we are just hovering around 25 per cent of the estimated revenue for this year as far as Internally Generated Revenue for this year is concerned.”

He added, “We must go back and see what we can use to enhance our revenue generation, otherwise the budget will not be funded and that is why we have gaps in terms of releases. Agencies wonder why certain components of the releases are not made 100 per cent, but this is partly the reason.

“The estimated revenue is not really achieved as expected and therefore the releases could not be made as expected.”

Idris, however, urged the heads of the government agencies to be more creative in revenue generation efforts so that they could meet their individual targets and collectively meet the targeted revenue to fund the budget.