Fed Govt to centralise revenue system

The Federal Government has taken steps to boost financial transparency and accountability by launching the Revenue Assurance and Central Disbursement Solutions for government bodies. The meeting focused on how to implement the Revenue Assurance and Central Disbursement Solutions for Ministries, Departments and Agencies as well as Federal Government-Owned Enterprises .

The new system offers a two-pronged approach to financial oversight. The system will ensure that beneficiary payments are made directly, eliminating potential loopholes for misuse of funds. Additionally, any payments due to the Federal Government will be automatically deducted at source, streamlining the collection process.

The stakeholders brought together for the successful implementation of this initiative include the Special Adviser to the President on Energy; Special Adviser to the President on ICT; the Central Bank of Nigeria ; the Office of the Accountant General of the Federation and the Nigeria Inter-Bank Settlement System

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