President Muhammadu Buhari, has ordered all revenue generating agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Nigerian Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Liquefied Natural Gas (NLNG), amongst others, to pay all their revenues into the Consolidated Revenue Fund (CFR).
The President issued the directive during the inauguration of the National Economic Council (NEC) at the Presidential Villa, Abuja, adding that the agencies would henceforth be required to submit budgets for appropriation to meet their expenditure needs annually after their revenue had been remitted.
Based on the directive, agencies like NNPC would no longer be allowed to withdraw funds that should have been remitted to the CFR to meet its expenses before remitting whatever balance it deems fit.
