Nigeria Launches Treasury Management System to Enhance Revenue and Budget Efficiency

Pursuant  to the directives of Mr. President and the Honourable Minister of Finance and Coordinating Minister of the Economy (HMF/CME) to achieve effective Treasury Management, Revenue Assurance and improved Budget Performance of all Ministries, Departments and Agencies (MDA), including Federal GovernmentOwned Enterprises (FGOEs), the Office of Accountant-General of the Federation (OAGF) has developed a new Solution known as ,Treasury Management and Revenue Assurance System’for deployment.

2. The Treasury Management & Revenue Assurance System is designed to coordinate, streamline and manage FGN revenue collections and payments for dl MbA, including those benefiting from donor funds, trust funds, social security funds and special fund of the Federal Government of Nigeria. The system would go-live on March 4,2025, as it will be deployed in two phases:

• ‘ i’ Phase one shall cover payments and collection (Naira component only), the platform shall also enable OAGF/MDA to generate bank statements/baiances and’activate automatic deduction and remittances of tax associated with vendor payments/contractor including VAT, WHT and Stamp Duty.
• ii. Phase two is expected to commence from June 1 , 2025 and shall cover collections and payments menu f9r FX component and integration to MDA ERPs. This phase shall also cover activation of budget module for MDA not in national budget and other non-budgetary ‘ financial activities to enforce budget control.