Nigeria has launched a Treasury Management System to enhance revenue and budget efficiency across government entities. Developed by the Office of Accountant-General, the system will streamline revenue processes and ensure better financial oversight. Implementation will occur in two phases, beginning March 4, 2025, focusing initially on Naira components before integrating foreign exchange functionalities.
The Government of Nigeria has officially launched a new Treasury Management System aimed at improving financial oversight and budget efficiency. This initiative is in response to directives from the President and the Honourable Minister of Finance and Coordinating Minister of the Economy, focusing on reinforcing Treasury Management and enhancing overall budget performance across all Ministries, Departments, and Agencies (MDAs) as well as Federal Government-Owned Enterprises (FGOEs).
The Treasury Management and Revenue Assurance System is designed to oversee and manage revenue collection and payments across the Federal Government of Nigeria. This comprehensive system will support various funding channels, including donor funds, trust funds, social security funds, and special government funds. The system is set to launch in phases, with the first phase going live on March 4, 2025.
Phase one will focus on the Naira component, enabling MDAs to streamline tax remittances related to vendor contracts, such as VAT, Withholding Tax, and Stamp Duty. Additionally, the platform will allow for the generation of bank statements and balances, facilitating automatic deductions and remittances. Phase two, scheduled for June 1, 2025, will expand functionalities to include Foreign Exchange components and integrate with MDA Enterprise Resource Planning systems, while also activating a budget module for MDAs not presently included in the national budget.
In conclusion, Nigeria’s launch of the Treasury Management and Revenue Assurance System signifies a pivotal advancement towards effective fiscal management. By streamlining revenue collection and enhancing budget control, the initiative aims to improve financial oversight across government entities. The phased approach of implementation ensures a structured rollout, facilitating a comprehensive integration of financial controls and systems moving forward.
Original Source: techafricanews.com
