THE Minister of Finance and the Coordinating Minister of Economy, Wale Edun, has disclosed that the revenues of government-owned enterprises, ministries, departments and agencies increased to N835.70bn in February.
This figure indicates a growth of N681.45bn or 441.78 per cent from N154.25bn 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, which was obtained by our correspondent.
Edun said the government had automated a two-time daily sweep of 50 per cent of MDAs and GOEs internally generated revenue since January 2, 2024, leading to more remitted earnings.
“There is an increasing revenue contribution of MDAs and GOEs, growing from 154.25 in February 2023 to 835.70bn in February 2024 through an automated two-times daily sweep of 50 per cent of MDAs and GOEs IGR since January 2, 2024,” he stated.
Recall that in December 2023, the Federal Government, through the Ministry of Finance, directed all MDAs to remit 100 per cent 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.
