FG urge state governors to reposition their Fiscal Revenue Management Systems

CBN magic-fm

Following the outbreak of the Coronavirus COVID-19 pandemic and its impact on the economic and fiscal revenue outlook for 2021, the Federal Government has urged the governors of the thirty-six states of the Federation to strategise and reposition their fiscal revenue management systems for this era called the ‘new normal’. 

According to the Federal Government, with the impact of COVID-19, the revenue outlook for 2021 depends on the willingness of State governments to embrace the right tools, technology, and strategies to transform, enhance as well as strengthen revenue growth and sustainability, and adopt what it termed, cost optimization plans.

In a keynote address at the 6th Annual Internally Generated Revenue Peer Learning Events organised by the Nigeria Governors’ Forum, NGF, Minister of Finance, Budget and National Planning, Zainab Ahmed said, going forward, the impact of COVID-19 on the economic and fiscal revenue outlook for 2021 presents a significant opportunity.

On his part, the Chairman of NGF and Ekiti State governor, Kayode Fayemi who noted that this year has presented the country with a perfect storm of difficulties to deal with, said the decline in oil prices that followed the global lockdown and the social unrest that amplified the demands of the EndSARS protests worsened the country’s economic and social conditions.