Buhari Compels NNPC, CBN, NIMASA Others To Comply With Financial Regulations

Buhari Compels NNPC, CBN, NIMASA Others To Comply With Financial Regulations

Chris Steven, Abuja

President Muhammadu Buhari has assured state Governors  that he would ensure that all federal government revenue generating agencies  comply with stipulated financial regulations and administrative instructions regarding remittances into the federation coffers, President

Following this, agencies such as Nigeria National Petroleum Corporation (NNPC), Nigeria Customs Services (NCS), Federal Inland Revenue Services (FIRS), Nigeria Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigeria Maritime Administration and Safety Agency (NIMASA) and Liquefied Natural Gas (LNG) must comply.

The President gave the assurance on Monday while inaugurating the National Economic Council (NEC) at the State House, Abuja.

The Council comprises of the 36 state Governors and CBN Governor and is statutorily chaired by the Vice President in line with the provision of Third Schedule, Part I, Section 153: Sub section (18 & 19) of the 1999 Constitution as amended.

Part of the mandate of the Council is to advise the President concerning the economic affairs of the Federation, and in particular on measures necessary for the co-ordination of the economic planning and programmes of the  government of the federation.

“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,” the President charged.

He charged the Governors to kick-start the process of job creation and equity 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 potentials of each State to supplement the Federation Account allocation to States.

“The States are also encouraged to embark on projects that will meet immediate needs of the people taking account of available resources.

“I therefore urge Council members to consider, as a matter of urgency, exploring efficient means of gradually liquidating all unpaid salaries of staff, which have brought untold hardship to thousands of families.

“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.

“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 Nigeria National Petroleum Corporation (NNPC), Nigeria Customs Services (NCS), Federal Inland Revenue Services (FIRS), Nigeria Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigeria Maritime Administration and Safety Agency (NIMASA) and Liquefied Natural Gas (LNG) amongst others shall comply with stipulated Financial Regulations and Administrative Instructions in their remittances into the Consolidated Revenue Fund,” he said.

President Buhari also spoke about effort to combat insurgency, saying “I have directed the front line 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”.