With recent annual federal budgets showing a consistent deficit, the federal government on Tuesday took steps to reverse the trend, amidst the continued dwindling profile of government revenues from crude oil exports.
The minister said the exercise is to ensure the strict adherence to extant rules and regulations in enforcement of compliance to approved budget and due process mechanisms in procurement and payments. The minister spoke of the dangers of continuing to rely on oil as the major source of public revenue, noting that as a highly volatile commodity, oil revenues would always dwindle with each shock in the global oil market price, since it is not within the government’s control.
Citing the example of the increased revenue haul from the recently hiked value added tax rate from 5 to 7.5 per cent through the Finance Act 2019, the minister said this has encouraged the government to step up efforts in diversifying the revenue base by its revenue generating agencies.
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