Business
FG Unveils Central Revenue System To Enhance Financial Transparency, Accountability
Joel Ajayi
In its avowed determination to ensure enhanced financial transparency, accountability, and prudent revenue management, the Federal Government has conveyed a stakeholder engagement meeting in Abuja chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun on the Implementation of Revenue Assurance and Central Disbursement Solutions for Federal Government Ministries, Departments and Agencies (MDAS) as well as FG-Owned Enterprises.
The deployment of a central revenue system is designed to enhance financial transparency and accountability concerning direct payments to beneficiaries and the direct deduction of what is due to the Federal Government.
Once implemented, the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms will monitor revenue generation and provide a consolidated dashboard of the revenue situation for all Federal Government-owned enterprises.
Key stakeholders, including the SA to the President on Energy, the SA to the President on ICT, the Central Bank of Nigeria (CBN), the Office of the Accountant General of the Federation (OAGF), and the Nigeria Inter-Bank Settlement System (NIBSS) participated in the meeting.
Business
Nigeria Forges Strategic Ties As Finance Minister Meets Afeximbank President At IMF/World Bank Annual Meetings
Joel Ajayi
In a significant move to bolster Nigeria’s economic prospects, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, held a key meeting with Afreximbank’s President, Benedict Oramah on the sidelines of the World Bank-IMF Annual Meetings in Washington D.C., Oando Group’s President, Mr. Wale Tinubu was also present.
The discussions focused on deepening financial collaboration to support President Bola Ahmed Tinubu’s economic reforms and strengthen Nigeria’s energy and trade sectors.
During the meeting, the Minister highlighted the Nigerian Government ’s commitment to driving economic growth through strategic partnerships.
He praised Afreximbank’s pivotal role in Nigeria, particularly through initiatives like the $3 billion crude oil repayment loan with NNPC, which has been critical in stabilizing the economy and supporting fiscal reforms.
*The collaboration with Afreximbank is essential to our broader economic agenda,* Edun noted, emphasizing the importance of securing financial support for key sectors such as energy, infrastructure, and trade.
President Oramah reaffirmed Afreximbank’s commitment to Nigeria’s economic progress, while Wale Tinubu of Oando Group stressed the need for continued investment to bolster the oil and gas sector, a key revenue generator for the country.
As Nigeria strives to overcome its economic challenges, the convergence of HM Edun, Afreximbank’sPresident Oramah and Oando Group’sPresident Wale Tinubu signals a renewed commitment to fostering financial and investment partnerships.
By deepening ties with Afreximbank and other key stakeholders, the nation is poised to stabilize its economy, drive growth, and unlock its vast potential.
With the right policies and partnerships in place, Nigeria can transition from recovery to sustained growth, ultimately lifting millions out of poverty and cementing its position as a leading African economy.
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