AGS NEWS – Wale Edun, the Minister of Finance and Coordinating Minister of Economy, revealed that government-owned enterprises, ministries, departments, and agencies (MDAs) recorded a significant increase in revenue to N835.70 billion in February.

This marks a substantial growth of N681.45 billion or 441.78% compared to the N154.25 billion remitted by MDAs during the same period in 2022.

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Edun made this announcement during a presentation titled “Reconstructing the Economy for Growth, Investment and Climate Resilience Development,” at the Lagos Business School Breakfast Club, as obtained by our correspondent.

He highlighted that the government’s implementation of an automated two-time daily sweep of 50% of MDAs and government-owned enterprises’ internally generated revenue since January 2, 2024, has contributed to the increase in remitted earnings.

In December 2023, the Ministry of Finance directed all MDAs to remit 100% of their internally generated revenue to the Sub-Recurrent Account, a component of the Consolidated Revenue Fund, to enhance revenue generation, fiscal discipline, and transparency.

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Edun stressed the importance of augmenting revenues as part of a comprehensive execution strategy to achieve a 78% year-on-year increase in budgeted revenue for 2024. He outlined plans to reduce the budget deficit from 6.1% of GDP in 2023 to 3.9%.

The government has also focused on increasing the pricing of government securities to attract dollar inflows, albeit at a higher cost.