Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

FG Tackles Income Leakage By Deploying Central Disbursement Solutions

Elizabeth OkandejibyElizabeth Okandeji
June 25, 2024
in News
0
FG Tackles Income Leakage By Deploying Central Disbursement Solutions
Share on FacebookShare on TwitterShare on Whatsapp

In an effort to combat revenue leakage, the Federal Government (FG) plans to implement a new revenue flow architecture known as ‘Revenue Assurance and Central Disbursement Solutions’ for its Ministries, Departments, and Agencies (MDAS), as well as FG-Owned Enterprises.

To this aim, Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, met with essential stakeholders in Abuja yesterday to fine-tune the system’s implementation.

Once implemented, the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms would monitor income generation and give a real-time, consolidated dashboard of the revenue situation for all Federal Government-owned firms.

The solution is intended to improve financial transparency, accountability, and responsible revenue management. Previous efforts have failed to produce the expected results, as revenue leakage in MDAs continues unabated, with some federal civil officials who have relocated abroad still on the payroll and collecting wages for which they did not work.

Once implemented, the new system would ensure direct deduction of all money owed to the Federal Government from all MDAs and Government Owned Enterprises (GOEs).

Payments under the new method would be distributed directly from government coffers to beneficiaries (contractors and workers), rather than through a third party.

President Bola Tinubu is alleged to have approved the new system and requested that the offices of his Special Advisers on Energy and Information and Communications Technology participate in the initiative.

Other stakeholders at yesterday’s meeting were officials from the Central Bank of Nigeria (CBN), the Office of the Accountant General of the Federation (OAGF), and the Nigeria Inter-Bank Settlement System (NIBSS).

At the weekend, President Tinubu ruled that federal government employees who had gone abroad and continued to receive wages be required to reimburse such cash, and that their managers who conspired to perpetuate such frauds be prosecuted.

Table of Contents

Toggle
  • Why this matters
  • Bottom Line

Why this matters

The Federal Government’s initiative to deploy the ‘Revenue Assurance and Central Disbursement Solutions’ represents a significant step towards addressing revenue leakages and enhancing financial transparency within its Ministries, Departments, and Agencies (MDAs) as well as Government-Owned Enterprises (GOEs).

This move is important given the persistent issues of revenue loss, inefficiency, and corruption that have plagued the public sector.

Implementing a centralized system that monitors income generation in real-time and provides a consolidated dashboard can greatly improve oversight and accountability. By ensuring direct deductions and disbursements from government coffers, the new system aims to minimize the risk of funds being misappropriated or mismanaged.
The involvement of key stakeholders like the Central Bank of Nigeria, the Office of the Accountant General, and the Nigeria Inter-Bank Settlement System is essential for the success of this initiative, as their expertise and resources can help ensure its effective implementation.

Bottom Line

Overall, the success of this system will largely depend on enforcement and continuous monitoring. The measures to reclaim funds from employees who have relocated abroad and continued to draw salaries, as well as the prosecution of their managers, reflect a necessary crackdown on fraud and corruption.

This strong stance by President Bola Tinubu signals a commitment to reform, but it will require sustained political will and administrative diligence to achieve long-term results.

Tags: Disbursementfederal characterFGFG Tackles Income Leakage By Deploying Central Disbursement Solutions.IncomeLeakageNews
Elizabeth Okandeji

Elizabeth Okandeji

A wordsmith with a passion for all things tech. I write captivating articles and unravel complex concept in the world of technology.

Related Posts

US Troops on Standby In Anticioation of Massive, Coordinated Anti-Trump Protests
News

US Troops on Standby In Anticipation of Massive, Coordinated Anti-Trump Protests

October 18, 2025
Blood Spills in Peru as Gen Z Fights a Broken System
News

Blood Spills in Peru as Gen Z Fights a Broken System

October 22, 2025
What is the Daily Cost of a US Government Shutdown to the Economy?
News

What is the Daily Cost of a US Government Shutdown to the Economy?

October 15, 2025
Next Post
It Will Take Decades To Eliminate Banditry in Northwest Nigeria— The Sultan

It Will Take Decades To Eliminate Banditry in Northwest Nigeria— The Sultan

Cleaner Receives Life Sentence For Sexually Molesting a Newborn in Church

Cleaner Receives Life Sentence For Sexually Molesting a Newborn in Church

NDLEA finds 3.33 tonnes of cannabis and more in Ogun state

NDLEA finds 3.33 tonnes of cannabis and more in Ogun state

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Shehu Sani Drops Hints on Tinubu Choosing Nuhu Ribadu as NSA

Shehu Sani Drops Hints on Tinubu Choosing Nuhu Ribadu as NSA

2 years ago
Moldova Appoints New Interior Minister Following Airport Tragedy

Moldova Appoints New Interior Minister Following Airport Tragedy

2 years ago
Gunmen Attacked Plateau State University- Official

Gunmen Attacked Plateau State University- Official

2 years ago
Dollar, Euro and Pounds To Naira Exchange Rate For Today, April 6 2024

Dollar, Euro and Pounds To Naira Exchange Rate For Today, April 11 2024

2 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Sarkozy Gets VIP Treatment in Jail as Police Guard His Cell

Nigeria Bets $220 Million on Jobs While Youths Still Wait for Work

Baltimore’s Mayor’s Wife Faces Investigation

Should Mayor Brandon Scott Resign?

Sowore Condemns Police “Brutality,” Gives Update on Kanu’s Lawyer and Brother After Prison Visit

Offensive Texts Sink Trump’s Court Nominee, Forcing Sudden Withdrawal

Trending

Osimhen Scores Twice as Galatasaray Win 3-1 Away Against Bodo/Glimt in Champions League
Sports

Osimhen Scores Twice as Galatasaray Win 3-1 Away Against Bodo/Glimt in Champions League

byHashim Kolawole
October 22, 2025
0

Victor Osimhen’s amazing two-goal performance led Galatasaray to an outstanding 3-1 victory over Bodo/Glimt in the UEFA...

The Internet Declared Kendall Jenner's 'King Kylie' Outfit a 'Fail.' Here's Why They're Right

The Internet Declared Kendall Jenner’s ‘King Kylie’ Outfit a ‘Fail.’ Here’s Why They’re Right

October 22, 2025
Nigeria Bans Sex with Minors but Ignores Muslim Marriages to Minors

Nigeria Bans Sex with Minors but Ignores Muslim Marriages to Minors

October 22, 2025
Sarkozy Gets VIP Treatment in Jail as Police Guard His Cell

Sarkozy Gets VIP Treatment in Jail as Police Guard His Cell

October 22, 2025
Nigeria Bets $220 Million on Jobs While Youths Still Wait for Work

Nigeria Bets $220 Million on Jobs While Youths Still Wait for Work

October 22, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Osimhen Scores Twice as Galatasaray Win 3-1 Away Against Bodo/Glimt in Champions League
  • The Internet Declared Kendall Jenner’s ‘King Kylie’ Outfit a ‘Fail.’ Here’s Why They’re Right
  • Nigeria Bans Sex with Minors but Ignores Muslim Marriages to Minors

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com