FG to implement central revenue system for financial transparency

The federal government on Monday said it will implement a central revenue system to boost financial transparency and accountability.

Mohammed Manga, director of information and public relations at the ministry of finance, made this known in a statement.

Manga said the implementation of a central revenue system aims to improve financial transparency and accountability by managing direct payments to beneficiaries and ensuring the direct deduction of amounts owed to the government.

“In its avowed determination to ensure enhanced financial transparency, accountability, and prudent revenue management, the federal government has conveyed a stakeholder engagement meeting in Abuja chaired by the honourable minister of finance and coordinating minister of the economy, Mr Wale Edun on the implementation of revenue assurance and central disbursement solutions for federal government ministries, departments and agencies (MDAS) as well as FG-owned enterprises,” Manga said.

“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.”

Manga said 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 government-owned enterprises.

Key stakeholders, including the special adviser to President Bola Tinubu on energy, the special adviser to the president on information and communications technology (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.