President Muhammadu Buhari says under his watch, ministers will fully account for all funds that get into their coffers.
Speaking on Tuesday when he Received Christine Lagarde, managing director of the International Monetary Fund (IMF), at the presidential villa in Abuja, Buhari said his administration would look inwards to stop financial leakages and adopt global best practices in generating more revenue to mitigate the effect of dwindling oil prices on the Nigerian economy.
According to a statement issued by Femi Adesina, presidential spokesman, Buhari said his administration will also enforce greater discipline, probity and accountability in all revenue generating agencies of the federal government.
“We have just come out of budget discussions after many weeks of taking into consideration the many needs of the country, and the down turn of the economy with falling oil prices and the negative economic forecasts,” the statement read.
“We are working very hard and with the budget as our way forward, we will do our best to ensure that our country survives the current economic downturn.
“We have also told all heads of ministries, departments and agencies of government that on our watch, they will fully account for all funds that get into their coffers.”
The statement added that the president informed Lagarde that the federal government was reviewing its operational costs and had directed all the ministries, departments and agencies to cut down on their overhead costs.
On her part, Lagarde was quoted as saying the IMF will be willing to assist the federal government in plugging revenue leakages, tracing stolen funds and restructuring its tax system.
According to the statement, Lagarde said Nigeria had all the potentials to overcome the current economic challenge of falling commodity prices without resorting to the IMF for financial support.