President Muhammadu Buhari has warned that severe consequences await any of the nation’s revenue-generating agencies that failed to achieve agreed revenue targets.

The president gave the warning in his Independence Day address to mark Nigeria’s 59th Independence Anniversary in Abuja on Tuesday.

It will be recalled that the presidency recently queried the Executive Chairman of Federal Inland Revenue Service, Mr. Tunde Fowler over failure to achieve set revenue targets.

The President, however, warned that the revenue-generating and reporting agencies would come under much greater scrutiny so as to achieve the desired goals in his Independence Day Speech.

“With this, our revenue-generating and reporting agencies will come under much greater scrutiny, going forward, as the new performance management framework will reward exceptional revenue performance, while severe consequences will attend failures to achieve agreed revenue targets,’’ he said.

Buhari explained that he recently constituted an Economic Advisory Council to advise him on inclusive and sustainable macroeconomic, fiscal and monetary policies.

He said the Council would work with “relevant Cabinet members and the heads of key monetary, fiscal and trade agencies to ensure we remain on track as we strive for collective prosperity’’.

However, the president stated that his administration was also committed to ensure that the inconvenience associated with “any painful policy adjustments, is moderated, such that the poor and the vulnerable, who are most at risk, do not bear the brunt’’.

Buhari assured that the government ongoing N500 billion Special Intervention Programme would continue to target these vulnerable groups.

He said this would be achieved through the Home-grown School Feeding Programme, Government Economic Empowerment Programme, N-Power Job Creation Programme, loans for traders and artisans, Conditional Cash Transfers to the poorest families and social housing scheme.

“To institutionalize these impactful programmes, we created the Ministry for Humanitarian Affairs, Disaster Management and Social Development which shall consolidate and build on our achievements to date.

“To the beneficiaries of these programmes, I want to reassure you that our commitment to social inclusion will only increase,’’ he added.

The president also observed that the nation’s population growth rate had remained among the highest in the world, presenting both challenges as well as opportunities.

“It is our collective responsibility to ensure that we provide adequate resources to meet the basic needs of our teeming youth.

“Accordingly, we shall continue to invest in education, health, water and sanitation, as well as food security, to ensure that their basic needs are met, while providing them with every opportunity to live peaceful, prosperous and productive lives,’’ he maintained