The Federal Government has initiated sweeping public finance reforms—including digital systems, institutional restructuring, and a unified revenue agency—to enhance transparency and revenue mobilisation ahead of a new tax regime beginning in January.
With less than three months to the start of the new tax system, the Federal Government has activated a broad package of revenue optimisation measures anchored on technology, institutional reform and fiscal transparency.
The reforms aim to reduce dependence on oil, curb revenue leakages, streamline tax collection and transition the Federal Inland Revenue Service (FIRS) into a National Revenue Service (NRS) that consolidates revenue functions from agencies like Customs.
Central to the plan are the Federal Treasury Receipt (FTR) and Central Billing System (CBS), both undergoing a 30-day pilot in ten federal agencies, as part of the Revenue Optimisation and Assurance Project (REV-OP).
Minister Wale Edun said, “By ensuring that every kobo due to the government is digitally tracked and fully reconciled, we are safeguarding national resources. … The Federal Government remains committed to building a transparent, technology-driven, and efficient revenue system.”