FG unveils central revenue system to enhance financial transparency, accountability

By Uche Usim

In a decisive move to enhance financial transparency, accountability, and prudent revenue management, the Federal Government has initiated a new central revenue system.

The announcement was made during a stakeholder engagement meeting held in Abuja on Monday and chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. The meeting focused 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 new central revenue system is designed to improve financial transparency and accountability by streamlining direct payments to beneficiaries and ensuring the direct deduction of revenues owed to the Federal Government. This initiative will leverage both the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms to monitor revenue generation, providing a consolidated dashboard view of the revenue situation across all Federal Government-owned enterprises.
The meeting saw participation from key stakeholders, including the Special Adviser to the President on Energy, the Special Adviser to the President on ICT, representatives 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). Their involvement underscores the collaborative effort required to implement this comprehensive financial management solution effectively.