President Muhammadu Buhari has said that revenue generation to fund annual budgets remains a major challenge for his administration.
“Let me emphasise that revenue generation remains our major challenge,” he said on Thursday while presenting the 2021 proposed budget to members of the National Assembly.
“Nevertheless, government is determined to tackle the persisting problems with domestic resource mobilization, as there is a limit to deficit financing through borrowing.
“The time has come for us to maintain a healthy balance between meeting our growing expenditure commitments and our long-term public financial health”.
Speaking further, the president noted that the budget of N13 trillion termed Budget of Economic Recovery and Resilience will address key economic issues as the country tries to recover from the impact of the coronavirus and the oil price drop.
He says the government is determined to accelerate the country’s economic recovery process.
Compared to budget presentations done in previous years, the President was only accompanied by Vice President Yemi Osinbajo and a few ministers, while the others participated virtually.