The Federal Government has directed Ministries, Departments and Agencies (MDAs) 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.
The directive is part of a broader effort to strengthen public financial accountability, improve service delivery and eliminate bureaucratic bottlenecks affecting businesses and investors.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, gave the directive during a strategic engagement with heads of agencies and senior government officials at the Federal Ministry of Finance headquarters in Abuja.
According to a statement issued on Sunday by the ministry’s Head of Information and Public Relations, Efe Ovuakporie, the government is introducing a framework to hold MDAs to measurable performance targets.
Oyedele said the next phase of Nigeria’s economic reforms must go beyond stabilising the economy to addressing the everyday challenges businesses face in their dealings with government institutions.
He stressed that government agencies must make it easier for businesses to operate, invest and expand, rather than impose unnecessary administrative and financial burdens on them.
The minister urged agencies to operate strictly within their statutory mandates and eliminate duplicate requirements, multiple fees and unnecessary procedures that increase the cost of doing business.
He outlined a “One Government” approach under which MDAs would coordinate their activities to prevent businesses and applicants from navigating conflicting demands from different institutions.
Under the proposed arrangement, overlapping mandates should be addressed through a system of one lead agency, one process and one fee.
Oyedele also called on agencies to consult relevant stakeholders before introducing new regulations, assess the economic implications of proposed measures and coordinate with other institutions to prevent conflicting policies.
He further urged the agencies to provide reasonable notice before implementing major policy or regulatory changes to enable businesses to prepare adequately.
On performance management, the minister said agencies would be assessed based on measurable outcomes, including the speed of service delivery, compliance with published timelines and reductions in the costs associated with regulatory processes.
He added that the Ministry of Finance would be held to the same standards, acknowledging the need to address internal government challenges such as slow approvals, delayed releases and outdated rules.
As part of the implementation process, the ministry will review submissions from participating agencies and provide specific feedback within four to six weeks.
The draft framework will subsequently be circulated for further consultation, after which each agency will be expected to agree to measurable commitments whose implementation will be reviewed periodically.
The government said the initiative was designed to make public institutions more accountable for the quality and speed of their services while creating a regulatory environment that allows businesses to devote more resources to investment, expansion and job creation.
