The Minister of Finance and the Coordinating Minister of Economy, Wale Edun, has disclosed that the revenues of government-owned enterprises, ministries, departments and agencies increased to N835.70bn in February.

This figure indicates a growth of N681.45bn or 441.78 per cent from N154.25bn MDAs remitted in the same period of 2022.

The minister stated this during a presentation titled “Reconstructing the Economy for Growth, Investment and Climate Resilience Development,” delivered at the Lagos Business School Breakfast Club, which was obtained by our correspondent.

Edun said the government had automated a two-time daily sweep of 50 per cent of MDAs and GOEs internally generated revenue since January 2, 2024, leading to more remitted earnings.

“There is an increasing revenue contribution of MDAs and GOEs, growing from 154.25 in February 2023 to 835.70bn in February 2024 through an automated two-times daily sweep of 50 per cent of MDAs and GOEs IGR since January 2, 2024,” he stated.

Recall that in December 2023, the Federal Government, through the Ministry of Finance, directed all MDAs to remit 100 per cent of their internally generated revenue to the Sub-Recurrent Account, which is a sub-component of the Consolidated Revenue Fund.

The government stated in a circular that the directive was to improve revenue generation, fiscal discipline, accountability, and transparency in the management of government financial resources and prevent waste and inefficiencies.

“All Ministries, Departments, and Agencies that are fully funded through the annual Federal Government budget (receiving personnel, overhead, and capital allocation) and on the schedule of the Fiscal Responsibility Act, 2007 and any addition by the Federal Ministry of Finance should remit 100 per cent of their internally generated revenue to the Sub-Recurrent Account, which is a sub-component of the Consolidated Revenue Fund,” the circular read.

The finance minister emphasised that augmenting revenues was a crucial aspect of a comprehensive execution strategy aimed at achieving a 78 per cent year-on-year rise in budgeted revenue for 2024.

He underscored the importance of implementing an upgraded government revenue assurance model, adding that the target was to reduce the budget deficit from 6.1 per cent of GDP in 2023 to 3.9 per cent.

“We have set out a robust execution plan for a 78 per cent y-o-y increase in budgeted revenue in 2024, but implementing enhanced the government’s revenue assurance model is critical with a target budget deficit of 3.9 per cent of GDP from 6.1 per cent in 2023.”

Edun underscored the government’s strategy of increasing the pricing of government securities, which had successfully attracted dollar inflows but at a higher cost to the government.

He further stated that the government had revamped the process for the commencement of 2024 capital expenditure payments by MDAs and GOEs through direct payments to contractors and employed prudent measures to minimise redundancy and reduce leakages through digitisation.

He said, “We have taken prudent expenditure measures by minimising unnecessary redundancy, reducing leakages through digitisation and eliminating inefficiencies. There is also a revamped process for the commencement of 2024 capital expenditure payments for MDAs and GOEs, which is through direct payments to contractors while promoting a government-wide cost curtailment culture across all MDAs & GOEs.”

This figure indicates a growth of N681.45bn or 441.78 per cent from N154.25bn MDAs remitted in the same period of 2022.

helinues:

helinues:

mrvitalis:

Lmaooo Convert both to official exchange rate during the said period let's see something

This APC government think we are all like APC supporters are

February 2022 exchange rate official was 430

154 billion was roughly $360 million

Exchange rate as at February 2024 was about 1900 and 681 billion was roughly $360 billion

So where then is the growth ?

Christian36:
With all this revenue generated by forcing the masses to pay more, what has been the impact. He didn't increase salary and am sure 50% of the money will be looted

mrvitalis:

Lmaooo Convert both to official exchange rate during the said period let's see something

This APC government think we are all like APC supporters are

February 2022 exchange rate official was 430

154 billion was roughly $360 million

Exchange rate as at February 2024 was about 1900 and 681 billion was roughly $360 billion

So where then is the growth ?

helinues:


You go explain tired

I guess the remitted funds are in dollars as na dollars be our official currency

Hatred for one's country na beginning of becoming a witch

helinues:


You go explain tired

I guess the remitted funds are in dollars as na dollars be our official currency

Hatred for one's country na beginning of becoming a witch

drlateef:



Are MDAs obtaining revenue in dollars? Just tell me why forex has affected this revenue generation.

Christian36:
With all this revenue generated by forcing the masses to pay more, what has been the impact. He didn't increase salary and am sure 50% of the money will be looted

Risingblue008:
Ndd

mrvitalis:

Lmaooo Convert both to official exchange rate during the said period let's see something

This APC government think we are all like APC supporters are

February 2022 exchange rate official was 430

154 billion was roughly $360 million

Exchange rate as at February 2024 was about 1900 and 681 billion was roughly $360 billion

So where then is the growth ?

mrvitalis:

Hatred for ones country is seeing truth and not saying it because of tribal and religious sentiments

Majority of MDAs make money in foreign exchange

From immigration, to customs, to Niamasa, to npa

Buccalcavity2:
Very impressive. This line used to be a cash cow for civil servants, if you know you know.
Let the efficiency in revenue drive continue.
Ignoramuses are linking this to dollar....

mrvitalis:

Hatred for ones country is seeing truth and not saying it because of tribal and religious sentiments

Majority of MDAs make money in foreign exchange

From immigration, to customs, to Niamasa, to npa

tollyboy5:

Wetin you dey type?
First of all, emefiele scam rate is only official for criminals that want to stuff dollar.
Black market rate was the real rate then.

Secondly this is not February, this is April and the exchange rate is ₦1100 it's a win win for Nigeria