The Federal Government of Nigeria is launching a new revenue management system called ‘Revenue Assurance and Central Disbursement Solutions’ to combat revenue leakages in its Ministries, Departments, and Agencies (MDAs) as well as government-owned enterprises.
During a meeting in Abuja, Finance Minister Wale Edun and various stakeholders discussed the deployment of this system, which integrates with the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms. The new system will facilitate direct deductions of government revenue from MDAs and ensure that payments to contractors and staff are made directly from government accounts, bypassing any third parties.
Endorsed by President Bola Tinubu, the system seeks to address ongoing issues such as federal employees living abroad while still receiving salaries. The President has also directed that such fraudulent activities be halted and perpetrators be held accountable. Key stakeholders involved in the project include the Central Bank of Nigeria, the Office of the Accountant General, and the Nigeria Inter-Bank Settlement System.
Source: Vanguard