FG Reveals MDAs’ Revenue for February 2024

The Federal Government of Nigeria has disclosed the financial performance of government-owned entities, Ministries, Departments, and Agencies (MDAs) for the month of February 2024.

According to the Minister of Finance and Coordinating Minister of Economy, Wale Edun, the revenue earned by the MDAs increased to N835.70 billion in February 2024.

This marks a significant rise of N681.45 billion, representing a 441.78% surge from the N154.25 billion remitted in the same period in 2023.

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.

He highlighted the government’s efforts to increase revenue contribution from MDAs and Government-Owned Enterprises (GOEs) through an automated two-times daily sweep of 50 per cent of MDAs and GOEs’ Internally Generated Revenue (IGR) since January 2, 2024.

The minister also mentioned a robust execution plan to achieve a 78 per cent year-on-year increase in budgeted revenue in 2024.

He emphasized the importance of implementing enhanced government revenue assurance models to achieve a target budget deficit of 3.9 per cent of GDP, down from 6.1 per cent in 2023.

Furthermore, Edun discussed the government’s prudent expenditure measures, including minimizing unnecessary redundancies, reducing leakages through digitization, and eliminating inefficiencies.

He also revealed a revamped process for commencing 2024 capital expenditure payments for MDAs and GOEs, which involves direct payments to contractors while promoting a government-wide cost curtailment culture across all MDAs and GOEs.

The Federal Government’s disclosure of the financial performance of MDAs and GOEs for February 2024 indicates a substantial increase in revenue, reflecting the government’s commitment to improving fiscal management and economic growth.