Nigeria Unifies Revenue Systems in Landmark Digital Reform Ahead of 2026 Rollout
Nigeria has launched its most sweeping public finance overhaul since the Treasury Single Account (TSA), unveiling a unified digital revenue system that brings together TSA, GIFMIS, the Central Bank of Nigeria, NIBSS and other major infrastructure under one real-time monitoring hub. The reform, driven by four circulars issued by the Office of the Accountant General of the Federation (OAGF), marks a bold shift toward a fully cashless, transparent and data-led approach to revenue collection.
At the heart of the transformation is the Revenue Optimisation Platform (RevOp), now approved as government’s end-to-end system for billing, reconciliation, monitoring and performance tracking. RevOp will serve as the federal government’s central dashboard, showing exactly what ministries, departments and agencies (MDAs) collect, remit and declare. Officials say the move is expected to drastically reduce leakages, deter fraud and close loopholes that have cost the country billions of naira annually.
A major feature of the reform is the enforcement of a strict no-cash policy. From January 1, 2026, all federal payments must be made electronically, while the newly introduced Federal Treasury e-Receipt (FTeR) will become the only legally recognised proof of payment. This measure eliminates fake receipts, unverifiable slips and parallel cash systems that have long undermined accountability. MDAs have also been ordered to stop using customised or unapproved payment platforms, which have historically created discrepancies in remittances.
The government has further banned all deductions at source—whether recorded as fees, service charges or commissions—ensuring that every naira collected flows directly into the TSA before any approved disbursement is made. Analysts say this change, combined with automation and an auditable digital trail, will create a more predictable and verifiable payment experience for citizens and businesses. It is also expected to strengthen reconciliation processes and restore confidence in how government handles public funds.
Officials describe the reform as essential to stabilising Nigeria’s finances and strengthening fiscal transparency at a time the country is pushing to deepen its non-oil revenue base. While MDAs will need to retrain staff and restructure existing systems, experts insist the long-term benefits—better forecasting, reduced corruption, faster policy response and a single source of truth for national revenue—will far outweigh the temporary disruptions. “This is one of the most comprehensive public finance reforms in recent times,” analyst Ike Ibeabuchi said. “It will increase government revenue, cut waste and drive transparency.”
source: Business day