FG launches REV-OP to reform public financial management
The Nigerian Federal Government has launched the Revenue Optimization and Assurance Project, a groundbreaking initiative designed to improve public financial management.
By adopting a technology-based method, the project aims to reduce revenue losses, increase transparency, and encourage sustainable economic growth.
The initiative was announced during a prestigious session held at the headquarters of the Ministry of Finance in Abuja.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who spearheaded the launch, praised REV-OP as a significant shift from past practices and an essential step towards ensuring fiscal accountability.
“This is a fresh start, not just a rebranding. The project signifies the beginning of a safer and more accountable financial future for Nigeria,” Edun remarked during the launch.
A statement from Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, indicated that the initiative was thoughtfully designed to bolster Nigeria’s economic resilience and promote sustainable growth by enhancing revenue mobilization and management.
REV-OP is built on three fundamental principles: transparency, efficiency, and digital transformation.
The project utilizes a technology-driven approach to public finance, facilitating real-time monitoring and data-informed decision-making within all revenue-generating agencies.
The launch event saw participation from senior officials of the Federal Inland Revenue Service, the Central Bank of Nigeria, and the Office of the Accountant General, alongside prominent technology partners from the private sector.
This collaborative effort underscores the administration’s dedication to a multi-stakeholder governance framework.
REV-OP aligns with President Bola Ahmed Tinubu’s economic agenda by concentrating on increasing domestic revenue, closing loopholes, and fostering a stable fiscal environment that promotes investment and development.
As the nation progresses with this reform, REV-OP is anticipated to improve government revenue, enhance accountability in public finance, and establish a solid foundation for sustainable economic development.
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