FG Demands Prompt Remittance of Revenues by Agencies, Transfer of Operating Surpluses to CRF
– Urges adherence to law on submission of audited accounts
– Unfolds new framework to end overlapping regulatory demands in MDAs
Ndubuisi Francis in Abuja
The federal government has directed its agencies to remit all revenues due to the government promptly and in full, transfer operating surpluses to the Consolidated Revenue Fund (CRF) and submit audited accounts as required by law.
In the Nigerian public finance, an operating surplus is the excess income or profit that government-owned enterprises (GOEs), statutory corporation, or revenue-generating agency makes after covering its operational expenses and financial obligations.
The directive came as the federal government moved to hold Ministries, Departments and Agencies (MDAs) to measurable performance targets, with a new framework designed to cut bureaucratic delays, eliminate overlapping regulatory demands and make government more responsive to businesses and investors.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced this during a strategic engagement with heads of agencies and senior government officials at the Federal Ministry of Finance headquarters in Abuja.
Oyedele said the next phase of Nigeria’s economic reforms must go beyond stabilising the economy to fixing the everyday frustrations businesses encounter in their dealings with government, adding that agencies must make it easier, not harder, for businesses to operate, invest and expand.
To achieve this, he called on agencies to remain within their statutory mandates and eliminate duplicate requirements, multiple fees and unnecessary procedures that increase the cost of doing business.
According to a statement issued Sunday by the Head of Information and PR Unit, Federal Ministry of Finance, Efe Ovuakporie, the minister outlined a “One Government” approach under which MDAs would coordinate their activities rather than leave businesses and other applicants to navigate conflicting demands from different institutions.
Where mandates overlap, Oyedele said the goal should be one lead agency, one process and one fee.
He also urged agencies to consult stakeholders before introducing new regulations, assess the economic implications of proposed measures, coordinate with other relevant institutions and give reasonable notice before major policy or regulatory changes take effect.
On public finance, Oyedele directed agencies to remit all revenues due to the government promptly and in full, transfer operating surpluses to the Consolidated Revenue Fund and submit audited accounts as required by law.
He said agency performance would be judged by results, including how quickly services are delivered, whether published timelines are respected and whether regulatory processes become less costly for businesses.
The minister clarified that the Ministry of Finance would be held to the same expectations, acknowledging that government must also tackle internal obstacles such as slow approvals, delayed releases and outdated rules.
“As a next step, the ministry will review submissions from participating agencies and provide specific feedback within four to six weeks. The draft framework will then be circulated for further consultation, with each agency expected to agree to measurable commitments whose implementation will be reviewed periodically.
“The initiative seeks to make public institutions more accountable for the quality and speed of their services, while creating a regulatory environment in which businesses can spend less time navigating government procedures and more time investing, expanding and creating jobs,” the statement said.