Posted by The February earnings of government-owned enterprises, ministries, departments, and agencies were released by Wale Edun, the Minister of Finance and Coordinating Minister of Economy.
He claims that in February, revenue increased to N835.70 billion.
Notable rise of N681.45 billion was observed, signifying a significant 441.78% increase over the N154.25 billion remitted in 2022.
The revelation was made by the minister at the Lagos Business School Breakfast Club at a talk titled “Reconstructing the Economy for Growth, Investment, and Climate Resilience Development.”
“Thanks to an automatic two-time daily sweep of 50% of MDAs and GOEs IGR starting on January 2, 2024, the revenue contribution of MDAs and GOEs has increased, rising from 154.25 in February 2023 to 835.70bn in February 2024.
With a goal budget deficit of 3.9% of GDP from 6.1% in 2023, we have laid out a solid execution plan for a 78% year-over-year rise in budgeted income in 2024. However, enhancing the government’s revenue assurance mechanism is essential.
“We have minimized needless redundancy, reduced leakages through digitization, and eliminated inefficiencies as part of our cautious expenditure initiatives.
In addition, he stated, “a government-wide cost curtailment culture across all MDAs & GOEs is being promoted through direct payments to contractors as part of a revamped process for the commencement of 2024 capital expenditure payments for MDAs and GOEs.”