FG digitizes to plug revenue leakages, improve efficiency

reports that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, yesterday disclosed that the federal government has now totally revamped its revenue streams through a combined application of digitization, relevant regulations, and guidelines to plug leakages. Edun disclosed a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of the United States of America. Fielding questions from the anchor, Nnamdi Atupulazi, the minister revealed that the Federal Government no longer waits for reconciliation with revenue-generating agencies and Government Owned Enterprises (GOEs) as was the practice in the past but deducts automatically from source in a bid to plug leakages. He said: “And if you know anything about Mr. President’s antecedents, the first thing he did in Lagos was to get all the revenue. What he did was that he used digitalization, used the latest technology to plug leakages, and improved the efficiency of monitoring and collection. And this is the same thing that he has done at the federal level. Now, the revenue of the Federal Government has been revamped. There has been an application of technology to make sure that what is due to the Federal Government, particularly from its various revenue-earning agencies and companies and enterprises is now not taken based on compliance or not taken at the end of the year.”