Posted by The February earnings of government-owned enterprises, ministries, departments, and agencies have been revealed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
He claims that February saw an increase in income to N835.70 billion.
Remittances increased significantly by 441.78% from N154.25 billion in 2022 to N681.45 billion in 2023.
Presenting at the Lagos Business School Breakfast Club with the topic “Reconstructing the Economy for Growth, Investment and Climate Resilience Development,” the minister revealed the information.
“Since January 2, 2024, there has been an automatic two-times daily sweep of half of the MDAs’ and GOEs’ IGR, which has led to a rising revenue contribution from 154.25 billion in February 2023 to 835.70 billion in February 2024,” the report states.
“Our ambitious plan calls for a 78% year-over-year growth in budgeted income in 2024, but we must prioritize the implementation of an improved government revenue assurance model in order to achieve our target budget deficit of 3.9% of GDP, down from 6.1% in 2023.
By cutting out superfluous duplication, minimizing digital leaks, and doing away with inefficiencies, we have taken careful spending measures.
“Also, there is a new system in place to start paying for capital expenditures in 2024 for MDAs and GOEs. Instead of going through intermediaries, we will be paying contractors directly and encouraging a cost-cutting culture across the government,” he added.