Business
FG Centralises Revenue System
The Federal Government (FG) said it has taken steps to boost financial transparency and accountability by launching the Revenue Assurance and Central Disbursement Solutions for government bodies.
Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, convened a stakeholders meeting in this regard focusing on how to implement the Revenue Assurance and Central Disbursement Solutions for Ministries, Departments and Agencies (MDAs) l, as well as Federal Government-Owned Enterprises (GOEs).
Speaking to newsmen, the Monister said the new system aims to streamline the collection and disbursement process for MDAs as well as GOEs.
“The government expects this to significantly enhance transparency and accountability in how public funds are managed”, he said.
According to Edun, “the new system offers a two-pronged approach to financial oversight. The system will ensure that beneficiary payments are made directly, eliminating potential loopholes for misuse of funds. Additionally, any payments due to the Federal Government will be automatically deducted at source, streamlining the collection process.
“By integrating with both the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms, the Revenue Assurance and Central Disbursement Solutions system will provide a comprehensive view of government revenue generation.
“This consolidated dashboard will offer real-time insights into the financial health of various government entities”.
Ebun explained that the stakeholders brought together for the successful implementation of this initiative include the Special Adviser to the President on Energy; Special Adviser 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)
“The collaborative effort of these stakeholders suggests a commitment from the government to ensure the system’s smooth rollout and effectiveness”, he concluded.