To tackle revenue leakage, the Federal Government is set to implement a new revenue flow system called ‘Revenue Assurance and Central Disbursement Solutions’ for its Ministries, Departments, Agencies (MDAs), and government-owned enterprises.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with relevant stakeholders in Abuja to finalize the deployment of this system.
Once implemented, the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms will monitor revenue generation and provide a consolidated, real-time dashboard of the revenue situation for all Federal Government-owned enterprises.
This solution aims to enhance financial transparency, accountability, and prudent revenue management. Previous efforts have not achieved the desired results, with revenue leakage continuing in MDAs, including instances where federal civil servants who have relocated abroad remain on the payroll.
The new system will ensure direct deduction of revenue due to the Federal Government from all MDAs and government-owned enterprises. Payments will be made directly from government coffers to beneficiaries, such as contractors and staff, without involving any third party.
President Bola Tinubu has endorsed the new system and directed his Special Advisers on Energy and Information and Communications Technology to be involved in the project.
Other 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 ordered that federal government workers who have relocated abroad but continue to draw salaries must refund the funds. Supervisors who facilitated such fraud will also be punished.
