20 February 2016, Sweetcrude, Abuja — The Federal Government has called on states’ ministries of economic planning to make all efforts to enhance their internally generated revenues, IGRs, to fund their activities in the wake of the persistent declining revenues from oil.
Speaking during a meeting with states’ commissioners of economic planning in Abuja, yesterday, the Minister of Budget and National Planning, Senator Udoma Udo Udoma also encouraged the states to adopt similar strategies with the federal government in financing their budgets.
He said that states, while enhancing their IGRs, should block financial leakages while introducing expenditure cuts and control measures.
He urged states to introduce innovative devices like the Treasury Single Account (TSA), noting that Kaduna State Government has made substantial savings of about N24 billion by implementing the TSA.
He noted that in recognition of the recent developments in the global economy, the federal government intends that the 2016 budget be largely financed from non-oil revenue proceeds, hence the introduction of institutional reforms in most revenue generating agencies.