FG Unveils MDAs’ Revenue Figures For February 2024

FG Unveils MDAs’ Revenue Figures For February 2024

The Federal Government has revealed the financial performance of Ministries, Departments, and Agencies (MDAs) for the month of February, showcasing a substantial revenue increase. According to Wale Edun, the Minister of Finance and Coordinating Minister of Economy, MDAs generated a total revenue of N835.70 billion in February…….READ ALSO FG Traces Fleeing Binance Executive To Kenya

This remarkable surge marks a significant rise of N681.45 billion from the previous year, representing a 441.78% increase compared to the N154.25 billion remitted in 2022.

Edun shared these figures during his presentation titled “Reconstructing the Economy for Growth, Investment, and Climate Resilience Development” at the Lagos Business School Breakfast Club.

He highlighted, “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.”

Furthermore, he emphasized the government’s execution plan for a 78 per cent year-on-year increase in budgeted revenue for 2024, underscoring the importance of implementing an enhanced revenue assurance model to achieve a target budget deficit reduction.

Edun also outlined prudent expenditure measures aimed at minimizing redundancy, reducing leakages through digitization, eliminating inefficiencies, and promoting a government-wide cost curtailment culture across all MDAs and GOEs.

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