• Monday, July 15, 2024
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FG unveils central revenue system to boost accountability

FG unveils central revenue system to boost accountability

The Federal Government has unveiled a central revenue system aimed at enhancing financial transparency, accountability and prudent revenue management.

Wale Edun, minister of finance and coordinating minister of the economy, is the chair of the stakeholder engagement meeting on the Implementation of the Revenue Assurance and Central Disbursement Solutions for Federal Government Ministries, Departments and Agencies (MDAS) as well as FG-Owned Enterprises in Abuja.

Mohammed Manga, director, information and public relations, in a statement on Monday, said the central revenue system is deployed to enhance financial transparency and accountability in direct payments to beneficiaries and direct deduction of what is due to the Federal Government.

According to Manga, 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.

Key stakeholders, including the special adviser to the president on energy, the special adviser on ICT, the Central Bank of Nigeria (CBN), the office of the accountant-general of the federation, and the Nigeria Inter-Bank Settlement System participated in the meeting.