The federal government has convened a stakeholder engagement meeting in Abuja chaired by the minister of finance and coordinating minister of the economy, Wale Edun on the implementation of revenue assurance and central disbursement solutions for federal government ministries, departments and agencies (MDAS) as well as government-owned enterprises.
The government failed to give further details about the proposed financial transaction platform and the implication of the proposed solution for the Treasury Single Account (TSA) system currently in use.
The move is seen as one that would duplicate or replace existing central platforms for the collection and disbursement of government funds.
The immediate past administration had introduced e-Collection Scheme to support the prompt collection of, and accounting for all federal government receipts in a bid to deepen the implementation of Treasury Single Account (TSA).
Under the scheme, all revenues and other monies payable to federal government owned public sector entities including Ministries, Departments, Agencies, Parastatals and Institutions will be made through Deposit Money Banks (DMBs) and electronic channels using the CBN Payment Gateway for direct credit into the FGN account or designated MDA account at the Central Bank of Nigeria (CBN).
Rising from the stakeholders engagement workshop on Monday, the minister said the deployment of a new central revenue system would help "to enhance financial transparency and accountability concerning direct payments to beneficiaries and the direct deduction of what is due to the federal government."
According to a statement that was issued by the director of press in the finance ministry, Mohammed Manga when the new platform is implemented, the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms will monitor revenue generation and provide a consolidated dashboard of the revenue situation for all Federal Government-owned enterprises.
Key stakeholders, including the SA to the President on Energy, the SA 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) participated in the meeting.
Six months ago, the new administration through the Federal Ministry of Finance, directed all Ministries, Departments, and Agencies (MDAs) to remit 100 per cent of their internally generated revenue (IGR) to the sub-recurrent account, a sub-component of the Consolidated Revenue Fund (CRF).
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The aim is to enhance revenue generation, enforce fiscal discipline, and promote accountability and transparency in the management of government financial resources, mitigating the risk of waste and inefficiencies.
Edun signed the circular, highlighting the importance of these measures for financial management.
"Earlier this afternoon, Wale Edun chaired a Stakeholders Engagement on the Implementation of Revenue Assurance and Central Disbursement Solutions for Federal Government Ministries, Agencies and FG-owned Enterprises.
The deployment of a central revenue system is designed to enhance financial transparency and accountability concerning direct payments to beneficiaries and the direct deduction of what is due to the federal government.
Once implemented, the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms will monitor revenue generation and provide a consolidated dashboard of the revenue situation for all federal government-owned enterprises."
