Business
FG seeks banks’ support to strengthen revenue collection through digital platform
The Federal Government has intensified efforts to improve revenue collection and reduce leakages by engaging commercial banks to implement the Revenue Optimisation Assurance Platform (RevOp), a digital system designed to enhance transparency and accountability in public finance management.
The initiative was the focus of a sensitisation workshop organised by the Office of the Accountant-General of the Federation (OAGF) in Abuja on Friday.
Speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, represented by the Permanent Secretary for Special Duties, Mohammed Danjuma, said the platform was introduced to modernise government revenue administration and address longstanding inefficiencies associated with manual processes.
According to him, RevOp provides a centralised digital platform that enables government agencies to generate bills, collect payments, monitor transactions, and report revenue in real time.
“RevOp serves as a critical tool in the government’s drive to improve revenue administration, reduce leakages and enhance public sector accountability,” he said.
Mr Oyedele said the government remains committed to deploying technology-driven solutions to strengthen revenue generation and improve financial management across public institutions.
He noted that while the platform has recorded progress since its introduction, implementation challenges persist, particularly among some banking personnel responsible for processing payments.
According to him, inadequate understanding of the platform’s processes by frontline banking staff has affected customer experience and transaction efficiency.
“These challenges, though operational in nature, have significant impacts on the overall customer experience and effectiveness of the initiative. This is precisely why we are here today,” he added.
The minister stressed that commercial banks play a critical role in ensuring the initiative’s success, adding that their responsibilities extend beyond collecting payments to supporting efficient revenue administration.
He urged financial institutions to ensure that knowledge gained from the workshop reaches branch managers, customer service officers and tellers who interact directly with members of the public.
Over 70 per cent of agencies are onboarded
Also speaking, the Director of Revenue and Investment at the OAGF, Adebayo Adewale, disclosed that more than 70 per cent of federal government-owned entities have already been integrated into the platform.
He explained that RevOp was developed as a government-owned solution to eliminate operational silos and streamline revenue collection across ministries, departments and agencies.
According to him, the platform works through existing licensed payment service providers and commercial banks nationwide.
“People will be presenting RevOp-generated bills to commercial banks for payment, and we expect prompt collection,” he said.
The Product Manager of RevOp, Idris Dosunmu, said the platform integrates billing, payment, and settlement processes into a single framework, ensuring greater transparency from bill generation to final remittance.
“This will ensure that every penny due to the federal government goes into government coffers,” he noted.
The Revenue Optimisation Assurance Platform forms part of the Federal Government’s broader public finance reform programme aimed at improving accountability, boosting non-oil revenue and strengthening oversight of public funds.
READ ALSO: Standard Bank targets $15.4bn expansion in Nigeria, African SME markets
Approved by the Federal Executive Council, the platform enables real-time monitoring and reconciliation of government revenues while integrating with other digital financial management systems.
Earlier this month, government officials disclosed that 31 ministries, departments and agencies had already been onboarded onto the platform, with plans to expand coverage across the public sector.
Authorities say the initiative is expected to help curb fraud, improve revenue tracking and strengthen confidence in government financial management systems as Nigeria seeks to increase domestic revenue mobilisation.
Investment company VFD Group recorded a twofold increase in net profit for the first half of the year, supported by a significant improvement in investment income, its unaudited report for the period issued Friday showed.
VFD Group is proprietary and investment-focused, meaning it invests in target companies for direct market gain, unlike investment banks, which invest on behalf of others.
It has investments in companies as diverse as the Nigerian Exchange Group, Veritas Kapital Assurance, NASD Plc and CSCS Plc, according to information on its website.
Revenue advanced to N53.7 billion from N41.2 billion a year ago, deriving strength largely from investment income, which was up by 102.8 per cent. Net investment income expanded by 19.8 per cent to N42 billion from N35 billion.
The company logged a sharp increase in other income, which surged more than sevenfold to N3.8 billion after earning N3.9 billion in fair value gain in investment property, unlike a year earlier when no such income was recorded.
It cut back provision for impairment of financial assets, especially loans and advances, by nearly half to N657.5 million.
“The first half of 2026 performance demonstrates the value of disciplined execution in a market that continues to reward thoughtful execution,” said Managing Director Nonso Okpala in a statement.
“Profit grew more than three times faster than revenue because we remain focused on deploying capital only where risk-adjusted returns justify,” he added.
The company earned N79.1 million in share of profit from associate, compared to N22 million one year prior, boosting pre-tax profit.
EBIT margin, a parameter that gauges the operating profitability of a company, stood at 62.5 per cent, slightly weaker than the 66 per cent recorded in the same period of 2025.
Profit before tax climbed 98.4 per cent to N12 billion, while after-tax profit increased to N10.1 billion from N5 billion.
READ ALSO: Aradel’s half-year profit grows far less than revenue as galloping costs bite
In a separate announcement on Friday, the board of directors declared an interim dividend of N0.24 per share, translating into a potential payout of N3 billion.
“We enter the second half of the year with the strongest capital position in the group’s history, a materially lower cost of funding, and a portfolio of high-quality earning assets,” Folajimi Adeleye, the executive director for finance, said.
“Our priority now is straightforward: ensuring that every naira of new capital consistently generates returns that exceed the cost of the debt it replaced,” he said further.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
-
News3 days agoProphet El-Buba Boosts Peace Ambassadors JTF with Security Outposts, CCTV and Patrol Bikes
-
Health4 days ago
Nigeria seeks stronger domestic funding to sustain HIV response
-
Business4 days ago
Sovereign Trust Insurance Boost Asset Base by 43% to ₦40.47 billion in H1 2026
-
News4 days ago
Glasgow 2026: History Made! Abduljabar Adama Finishes Fifth in Commonwealth Games Final, Announces Nigeria’s Arrival in World Swimming
