The Federal Government has introduced the Revenue Assurance and Central Disbursement Solutions to enhance financial transparency and accountability across government bodies.
The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, spearheaded a stakeholders’ meeting to discuss the implementation of this system for Ministries, Departments, Agencies (MDAs), and Federal Government-Owned Enterprises (GOEs).
The new system is designed to streamline the collection and disbursement processes within MDAs and GOEs, with a focus on improving the management of public funds. By ensuring that payments to beneficiaries are made directly and automatically deducting any payments due to the Federal Government at the source, the system aims to eliminate potential misuse of funds.
A key feature of the system is its integration with both the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms. This integration will provide a comprehensive, real-time dashboard of government revenue generation, offering insights into the financial health of various entities.
Stakeholders involved in the initiative include the Special Adviser to the President on Energy, the Special Adviser 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).
Their collaboration underscores the government’s commitment to ensuring the system’s effective rollout and operational success.
