The financial results of government-owned organizations, or Ministries, Departments, and Agencies (MDAs), for the month of February have been made public by the federal government.
Wale Edun, the Coordinating Minister of Economy and Minister of Finance, claims that the MDAs’ revenue climbed to N835.70 billion in February.
This represents a noteworthy increase of N681.45 billion, or 441.78% more than the N154.25 billion sent in 2022.
This was revealed by Mr. Edun at the Lagos Business School Breakfast Club at a lecture titled “Reconstructing the Economy for Growth, Investment, and Climate Resilience Development.”
He 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.”
