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In an effort to combat revenue leakage, the Federal Government (FG) is set to introduce a new revenue flow system called the ‘Revenue Assurance and Central Disbursement Solutions’ for its Ministries, Departments, Agencies (MDAs), and FG-Owned Enterprises.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, convened a meeting with relevant stakeholders in Abuja to refine the deployment of this system.
Once implemented, both the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms will monitor revenue generation, providing a real-time consolidated dashboard of the revenue status for all Federal Government-owned enterprises.
The new solution aims to enhance financial transparency, accountability, and prudent revenue management.
Previous efforts to curb revenue leakage have fallen short, with issues such as federal civil servants who have relocated abroad continuing to receive salaries for work not performed.
The new system will ensure direct deduction of due revenues to the Federal Government from all MDAs and Government-Owned Enterprises (GOEs).
Under this system, payments will be made directly from government coffers to beneficiaries (contractors and staff), eliminating third-party involvement.
President Bola Tinubu has endorsed the new system and directed the involvement of his Special Advisers on Energy and Information and Communications Technology in the project.
Key stakeholders at the meeting included officials from the Central Bank of Nigeria (CBN), the Office of the Accountant General of the Federation (OAGF), and the Nigeria Inter-Bank Settlement System (NIBSS).
Additionally, President Tinubu has mandated that federal workers who have moved abroad and continue to draw salaries must refund the funds. Supervisors involved in such fraudulent activities will also face penalties.
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