FG unveils REVOP to crush revenue leakages, transform Public Finance

The Federal Government has introduced a sweeping digital reform aimed at transforming how Nigeria tracks and manages public funds.

The new system, known as the Revenue Optimisation and Assurance Project (REVOP), is positioned to overhaul revenue collection, close long-standing leakages, and entrench full transparency across government accounts.

Alongside REVOP, the government also unveiled the Federal Treasury Receipt (FTR), a standardised, digitally verifiable proof of all payments made into Federal Government coffers.

The FTR ensures that every receipt issued by any government office directly matches actual inflows into official accounts, ending the era of unverifiable or duplicate payment records.

The initiative is led by the Federal Ministry of Finance, working in concert with the Office of the Accountant-General of the Federation (OAGF), the Central Bank of Nigeria (CBN), and the Federal Inland Revenue Service (FIRS).

Speaking at the formal presentation during the 31st National Economic Summit in Abuja, the Minister of Finance, Mr Wale Edun, reaffirmed government’s resolve to strengthen fiscal discipline through innovation and automation.

He noted that REVOP is a central plank of President Bola Ahmed Tinubu’s economic reform agenda, which prioritises stabilisation, recovery, and sustainable growth.

Edun described REVOP as a unified and technology-driven framework designed to identify, collect, reconcile, monitor, and protect public revenue across all Ministries, Departments, and Agencies (MDAs), as well as Federal Government-Owned Enterprises (FGOEs).

“It is our determination to ensure that we bring in every single penny. There is Federal Government money lying outside the TSA and outside the Central Bank, and it requires enforcement, collaboration, and the right technology to recover it,” he said.

A key component of REVOP is the implementation of the Central Billing System (CBS), which became operational on 1 October. The system enables instant reconciliation of government payments and gives public finance managers real-time visibility of all transactions.

Edun described it as a “game changer” capable of eliminating inefficiencies that have weakened public financial management for years.

REVOP also incorporates tools such as the Revenue Splitting Engine, Treasury Management System, and Revenue Monitoring Dashboard, ensuring that every revenue-related transaction is visible, verifiable, and traceable end-to-end.

Beyond its technological backbone, the project aims to rebuild public trust in government financial processes by equipping policymakers with accurate, real-time intelligence that supports more effective fiscal decisions. It marks a clear departure from paper-based and reactive financial administration to a modern, proactive, and fully digitised system.

Edun added: “Our goal is simple but vital: every naira earned by the government must be visible, traceable, and used responsibly for the benefit of Nigerians. REVOP is a bold, practical step towards that vision — one that builds trust, strengthens accountability, and supports sustainable growth.”