Circular on Policy Measures to Enhance State Corporations' Revenue Generation and Expenditure Rationalization in line with the Government's Fiscal Consolidation Efforts

Abstract

This is further to the National Treasury Circular No. 13/2023 dated 13th December, 2023 on guidelines for budget preparation. As you are aware, the Government is desirous of undertaking fiscal consolidation geared towards enhancing revenues and expenditure control. This is important to ensure that there are adequate resources for the provision of critical Government services and implementation of Government priority projects. All Ministries, Departments and Agencies (MD As) including State Corporations should ensure prudent and responsible utilization of public resources as provided for in the Constitution and other relevant laws. In tandem with Government efforts to reduce budgetary pressure by State Corporations, enhance efficiency, ensure they are self-sustaining, and generate additional revenue for the National Exchequer, State Corporations should: i. ensure all revenues due to the Corporation are collected, accounted for and reported; and ii. Reduce expenditure