BUSINESS

MDAs Generate N835.7bn In February

 

Earnings of Federal Government-owned entities, ministries, departments, and agencies rose to N835.70 billion in February, 2024.

This was disclosed by the Minister of Finance and Coordinating Minister of Economy, Wale Edun, at the Lagos Business School Breakfast Club.

In the period under review, there was a significant increase in the amount remitted by MDAs, with a notable growth of N681.45 billion, representing a substantial 441.78% surge from the N154.25 billion remitted in the 2022.

During his presentation titled “Reconstructing the Economy for Growth, Investment and Climate Resilience Development”, Edun said “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.

“We have set out a robust execution plan for a 78 per cent y-o-y increase in budgeted revenue in 2024, but implementing enhanced the government’s revenue assurance model is critical with a target budget deficit of 3.9 per cent of GDP from 6.1 per cent in 2023.

“We have taken prudent expenditure measures by minimising unnecessary redundancy, reducing leakages through digitisation and eliminating inefficiencies. There is also a revamped process for the commencement of 2024 capital expenditure payments for MDAs and GOEs, which is through direct payments to contractors while promoting a government-wide cost curtailment culture across all MDAs & GOEs.”

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