FG unveils central revenue system to enhance transparency, accountability

Efe Tega

In its avowed determination to ensure enhanced financial transparency, accountability, and prudent revenue management, the Federal Government has conveyed a stakeholder meeting in Abuja on the Implementation of Revenue Assurance and Central Disbursement Solutions for Federal Government Ministries, Departments and Agencies (MDAS) as well as FG-Owned Enterprises

The meeting conveyed in Abuja and chaired by chaired by Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, aims to address the challenge of lack of transparency in revenue management.

A statement signed by the Director, Information and Public Relations in the ministry, Mohammed Manga, the deployment of a central revenue system is designed to enhance financial transparency and accountability concerning direct payments to beneficiaries and the direct deduction of what is due to the Federal Government.

Once implemented, the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms will monitor revenue generation and provide a consolidated dashboard of the revenue situation for all Federal Government-owned enterprises.

Key stakeholders, including the SA to the President on Energy, the SA to the President on ICT, the Central Bank of Nigeria (CBN), the Office of the Accountant General of the Federation (OAGF), and the Nigeria Inter-Bank Settlement System (NIBSS) also participated in the meeting.