Nigeria has launched a Treasury Management System to improve financial oversight by streamlining revenue collection and enforcing budget control. The system will roll out in two phases starting March 4, 2025, covering Naira transactions and later expanding to include foreign exchange components.
Nigeria has officially launched a Treasury Management System aimed at enhancing revenue generation and budget control within governmental operations. This initiative, driven by directives from the President and the Honourable Minister of Finance and Coordinating Minister of the Economy, seeks to provide effective treasury management and improve financial oversight across various ministries, departments, and agencies, including Federal Government-Owned Enterprises.
The newly developed Treasury Management and Revenue Assurance System will streamline the collection and management of revenues for the Federal Government of Nigeria. This system will become operational on March 4, 2025, and is set to roll out in two phases. The first phase focuses on Naira transactions and facilitates tax deductions and remittances relevant to vendor payments, such as VAT, Withholding Tax, and Stamp Duty, alongside generating bank statements for the Office of the Accountant-General of the Federation.
The second phase, slated to begin on June 1, 2025, will expand the system’s capabilities to include foreign exchange components and integration with Ministries, Departments, and Agencies’ Enterprise Resource Planning systems. This phase aims to implement a budget module for agencies not currently incorporated in the national budget, thereby enhancing budgetary control and oversight of non-budgetary financial activities.
The introduction of Nigeria’s Treasury Management System signifies a pivotal advancement towards greater financial efficiency and accountability within the government’s fiscal operations. By streamlining revenue collection and enforcing rigorous budget controls, the initiative aims to bolster the overall performance of public financial management in Nigeria.
Original Source: techafricanews.com
