The Minister of Finance and the Coordinating Minister of Economy, Wale Edun, has revealed that the revenues of government-owned enterprises, ministries, departments and agencies increased to 835.70 billion naira in February.

This figure indicates a growth of 681.45 billion naira or 441.78 percent from 154.25 billion naira MDAs remitted in the same period of 2022.

The minister stated this during a presentation titled “Reconstructing the Economy for Growth, Investment and Climate Resilience Development,” delivered at the Lagos Business School Breakfast Club. 

Edun said the government had automated a two-time daily sweep of 50 percent of MDAs and GOEs internally generated revenue since the 2nd of January, 2024, leading to more remitted earnings.

Recall that in December 2023, the Federal Government, through the Ministry of Finance, directed all MDAs to remit 100 percent of their internally generated revenue to the Sub-Recurrent Account, which is a sub-component of the Consolidated Revenue Fund.

The government stated in a circular that the directive was to improve revenue generation, fiscal discipline, accountability, and transparency in the management of government financial resources and prevent waste and inefficiencies.

The finance minister emphasized that augmenting revenues was a crucial aspect of a comprehensive execution strategy aimed at achieving a 78 percent year-on-year rise in budgeted revenue for 2024.

He underscored the importance of implementing an upgraded government revenue assurance model, adding that the target was to reduce the budget deficit from 6.1 percent of GDP in 2023 to 3.9 percent.