The Minister of Finance and Coordinating Minister of Economy, Wale Edun, recently revealed the impressive earnings of government-owned entities, ministries, departments, and agencies in February. In a significant development, the revenue soared to a staggering N835.70 billion, marking a remarkable 441.78% increase from the previous month’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, Minister Edun highlighted the substantial growth in revenue contributions from MDAs and GOEs. This increase was made possible through an automated two-times daily sweep of 50 per cent of MDAs and GOEs IGR since January 2, 2024.
The Minister emphasized the government’s commitment to achieving a 78 per cent year-on-year increase in budgeted revenue for 2024. To achieve this goal, the implementation of an enhanced revenue assurance model is crucial, with a target budget deficit of 3.9 per cent of GDP, down from 6.1 per cent in 2023.
In order to streamline expenditures and minimize inefficiencies, the government has implemented prudent measures such as reducing redundancy, digitizing processes to eliminate leakages, and promoting a culture of cost curtailment across all MDAs and GOEs. Additionally, a revamped process for the commencement of 2024 capital expenditure payments for MDAs and GOEs has been put in place, involving direct payments to contractors.
Overall, Minister Edun’s announcement underscores the government’s commitment to fiscal responsibility and economic growth, setting a positive tone for the country’s financial outlook in the coming year.
