Industry & Money

Fed Govt to Centralise Revenue System

The Federal Government has taken steps to boost financial transparency and accountability by launching the Revenue Assurance and Central Disbursement Solutions for government bodies.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has convened a stakeholders meeting to this end.

The meeting focused on how to implement the Revenue Assurance and Central Disbursement Solutions for Ministries, Departments and Agencies (MDAs) as well as Federal Government-Owned Enterprises (GOEs).

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.

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.

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