President Muhammadu Buhari has promised Nigerians that his government will ensure strict compliance with financial regulations and administrative instructions by the money generating agencies of the Federal Government.
Buhari spoke on Monday at the inauguration of the National Economic Council, a Federal Executive body with a mandate to advice the President on the economic affairs of the Federation, particularly on measures necessary for the coordination of the economic planning and programmes of the various governments of the federation.
stablished by the provisions of the Constitution of the Federal Republic of Nigeria (1999), as amended, Third Schedule, Part I, Section 153: Sub section (18 & 19), NEC is made up of the Vice President, who is the chairman, the 36 state governors, the Minister of the Federal Capital Territory, the Governor of the Central Bank of Nigeria and other co-opted members.
Speaking at the inauguration on Monday, Buhari said his government would ensure that the money generating agencies comply with financial regulations in the bid to block leakages and wastage.
The agencies he mentioned were the Nigerian National Petroleum Corporation, NNPC, Nigeria Customs Services, Federal Inland Revenue Services, Nigeria Ports Authority, Central Bank of Nigeria, Nigeria Maritime Administration and Safety Agency and Liquefied Natural Gas.
“You may recall, that in my inaugural speech, on May 29, 2015 I stated that the primary objective of this Administration is to tackle insecurity; youth unemployment, through the revival of agriculture, solid minerals mining, as well as small and medium size businesses.
“I also highlighted pervasive corruption; fuel and power shortages; public service reforms; and the need to allow every tier of Government to exercise its constitutional responsibilities, among others.
“We are fully committed to embarking on sustainable visionary initiatives and programmes that will restructure and transform our 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.”
Buhari equally called for cooperation among states. “I would like also, as a former Governor myself to remind us 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 who have the responsibility to run it lead by example. As far as is possible there should be distance between politics and development programmes.”
He promised that the Federal Government will run an accountable and transparent economic platform.
“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 the Federation Account.
“All Revenue Generating Agencies such as Nigerian National Petroleum Corporation, Nigeria Customs Services, Federal Inland Revenue Services, Nigeria Ports Authority, Central Bank of Nigeria, Nigeria Maritime Administration and Safety Agency and Liquefied Natural Gas amongst others shall comply with stipulated Financial Regulations and Administrative Instructions in their remittances into the Consolidated Revenue Fund,” he said.
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