The Federal Government has directed Ministries, Departments and Agencies (MDAs) and other revenue-generating institutions to promptly remit all revenues due to government, transfer operating surpluses to the Consolidated Revenue Fund (CRF) and submit audited accounts in line with statutory requirements.
The directive was issued by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, 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 the administration’s economic reforms would focus on addressing bureaucratic bottlenecks that frustrate businesses and investors, stressing that public institutions must become enablers rather than obstacles to economic growth.
He urged agencies to operate strictly within their statutory mandates, eliminate duplicate requirements, multiple charges and unnecessary procedures that increase the cost of doing business.
According to a statement by the Federal Ministry of Finance’s Head of Information and Public Relations Unit, Efe Ovuakporie, the minister unveiled a “One Government” approach aimed at improving coordination among MDAs and reducing conflicting regulatory demands on businesses.
Under the framework, overlapping mandates would be streamlined to allow for a single lead agency, a unified process and a single fee structure where applicable.
Oyedele also directed agencies to engage stakeholders before introducing new regulations, evaluate the economic impact of proposed measures, collaborate with relevant institutions and provide adequate notice before implementing significant policy changes.
On public finance management, he reiterated the government’s position that agencies must remit revenues in full, transfer operating surpluses to the CRF and submit audited financial statements as required by law.
The minister stated that agency performance would be measured through clearly defined outcomes, including service delivery timelines, regulatory efficiency and the overall ease of doing business.
He acknowledged that the Ministry of Finance would also be subjected to the same performance standards, noting that internal challenges such as delayed approvals, slow fund releases and outdated procedures must be addressed.
According to the statement, the ministry will review submissions from participating agencies and provide feedback within four to six weeks before circulating a draft performance framework for further consultations and implementation.
The initiative is expected to strengthen accountability across public institutions while creating a more business-friendly regulatory environment that encourages investment, expansion and job creation.
