Government Unveils Revenue Figures For Various Ministries In February

Government Unveils Revenue Figures For Various Ministries In February....KINDLY READ THE FULL STORY HERE▶

The financial performance of government-owned entities, Ministries, Departments, and Agencies (MDAs) for February has been unveiled by the Federal Government. Wale Edun, the Minister of Finance and Coordinating Minister of Economy, revealed that MDAs’ revenue surged to N835.70 billion in February, marking a remarkable increase of N681.45 billion compared to the N154.25 billion remitted in 2022, representing a substantial 441.78% surge.

During a presentation titled “Reconstructing the Economy for Growth, Investment and Climate Resilience Development” at the Lagos Business School Breakfast Club, Edun shared these insights. He highlighted the rising revenue contribution of MDAs and GOEs, which escalated from N154.25 billion in February 2023 to N835.70 billion in February 2024. This increase, he attributed to an automated two-times daily sweep of 50 per cent of MDAs and GOEs IGR since January 2, 2024.

Edun outlined a robust execution plan aimed at achieving a 78 per cent year-on-year increase in budgeted revenue for 2024. He emphasized the importance of implementing an enhanced government revenue assurance model to achieve a target budget deficit of 3.9 per cent of GDP, down from 6.1 per cent in 2023.

Prudent expenditure measures have been taken, including minimizing unnecessary redundancy, reducing leakages through digitization, and eliminating inefficiencies. Additionally, a revamped process for commencing 2024 capital expenditure payments for MDAs and GOEs has been initiated, involving direct payments to contractors, while fostering a government-wide culture of cost curtailment across all MDAs and GOEs.

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