A few days ago, I asked for monthly figures on our revenue performance to date. In January 2022, we managed to collect about $49 billion; we had a slight dip in February when we managed $47 billion. By March, the figure had risen to $77 billion, before coming down to $64 billion in April.
May saw us getting $94 billion, a figure which rose to $157 billion in June, and to $158 billion in July. Of course, I am aware of pressure on the local unit, and the need to deflate these nominal revenue figures.
However, I take heart from the fact that inflation, which had soared in the past few months, is beginning to come down, as, too, is the exchange rate. Our fiscal authorities continue to keep a tight rein on our spending so we do not return to budget overruns.
The Second Republic vows to stabilise the economy, and to spare no tool towards realising this goal. Above all, under the Second Republic, the fight against economic destabilisation knows no sacred cows or hidden corners.
My Government is determined to walk the whole length and expend every ounce of energy to ensure order and discipline returns to the National Economy. Let no one doubt our resolve.
The fight against economic destabilisation began with a determined crackdown on errant actors in the mobile telecommunications industry. Actors in this sector had taken advantage of a clear legal lacunae, and of our desire to use mobile platforms for financial inclusivity, to cause mayhem in financial markets. We acted against them.
We continue to watch them so their actions and conduct remain proper and lawful.
Always mobile and on the hunt for new loopholes, the same greedy and devious economic actors moved into our financial sector where they consorted with several banks and other deposit-taking institutions to resume their arcane, unlawful activities.
In response, we had to take drastic actions this last May, including freezing all lending by all banks, so our Financial Intelligence Unit, FIU, could move in and carry out thorough investigations to account for all culprits, and for all those aiding and abetting them.
Today, I can share with the Nation that out of the 16 deposit-taking institutions we have in our Economy, only five passed the integrity test, with the rest having been involved in activities that ran contrary to terms of their operating licences. Punishments have since been meted out.
Let no one ever think that my Administration will flinch from or hesitate to take corrective actions, however drastic.
In addition, the size of offenders means nothing to us; we will come for you once you dabble in the unlawful and unethical. No one player is stronger than Government; or above punishment.
In the same spirit of taking bold, corrective measures, we have acted against big companies participating in lucrative Government tenders. In future, we will not hesitate to blacklist such wrongdoing companies from Government tenders. Their association with Government must place their actions above any reproach. No public resources will be used to finance economic hitmen and women.
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