The Minister of Finance and Coordinating Minister of Economy, Wale Edun, recently announced a significant increase in government revenues from various entities, ministries, departments, and agencies. In February, these revenues reached a total of N835.70 billion, marking a substantial growth of 441.78% from the previous year’s N154.25 billion.
During a presentation titled “Reconstructing the Economy for Growth, Investment, and Climate Resilience Development” at the Lagos Business School Breakfast Club, Edun highlighted the government’s efforts to automate the collection of revenues from MDAs and GOEs. This automation, implemented since January 2, 2024, has led to a more efficient and timely remittance of earnings.
In December 2023, the Federal Government issued a directive for all MDAs to remit 100% of their internally generated revenue to the Sub-Recurrent Account, a sub-component of the Consolidated Revenue Fund. This directive aimed to enhance revenue generation, fiscal discipline, accountability, and transparency in financial management.
Edun emphasized the importance of increasing revenues as part of a comprehensive strategy to achieve a 78% year-on-year growth in budgeted revenue for 2024. The government is also focused on reducing the budget deficit from 6.1% of GDP in 2023 to 3.9%.
To achieve these goals, the government has implemented measures such as increasing the pricing of government securities to attract more investments, revamping the process for capital expenditure payments, and promoting a culture of cost curtailment across all MDAs and GOEs.
Overall, these initiatives aim to improve revenue generation, enhance financial management practices, and ensure the efficient utilization of government resources. The government is committed to driving economic growth, attracting investments, and building resilience in the face of climate challenges.
