•Wale Edun: Initiative will ensure every kobo due to government is digitally tracked, fully reconciled, says effort to safeguard national resources

•Treasury receipt to function alongside central billing system

Ndubuisi Francis and James Emejo in Abuja

The federal government has launched Federal Treasury Receipt (FTR), a ground-breaking reform offering a single, standardised, and digitally verifiable proof of all payments into federal coffers.

The system aims to ensure that every government-issued receipt directly corresponds to funds received into government accounts, thus, strengthening accountability, closing revenue leakages, and improving public trust in the management of national resources.

FTR is being deployed alongside the Central Billing System (CBS), which standardises the pricing and billing of government services.

Together, FTR and CBS form integral components of the Revenue Optimisation and Assurance Platform (RevOp), which went live on August 1, 2025.

Commenting on the historic fiscal transformation, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the launch of FTR together with CBS and RevOp marked a new era of transparency and accountability in public finance.

The minister said, “By ensuring that every kobo due to the government is digitally tracked and fully reconciled, we are safeguarding national resources. More importantly, we are creating the fiscal room to invest in priority sectors such as education, health, and infrastructure—investments that will directly improve the lives of Nigerians and secure a prosperous future for our country.”

FTR and CBS are currently undergoing a 30-day pilot programme across 10 federal agencies, during which performance, compliance, and stakeholder adoption are being rigorously tested, THISDAY gathered.

The initiative is part of the reform by the coordinating minister to rein in wastages, leakages, and abuses, and infuse more transparency and accountability in revenue collection and management processes.

A nationwide rollout strategy is expected to follow, ensuring seamless integration across all revenue-generating institutions.

These reforms further lay the groundwork for the operational take-off of the National Revenue Service (NRS) in January 2026 — a landmark institutional shift to consolidate and professionalise revenue administration under one unified structure.

RevOp is a landmark innovation in the country’s fiscal management, giving the government, for the first time, real-time visibility of all revenues from Ministries, Departments, and Agencies (MDAs) through to the treasury.

It also automates the settlement and sharing of revenues between the federal government and relevant agencies, ensuring that every naira due to the federation is captured, reconciled, and accounted for.

Essentially, the combination of reforms — RevOp, the FTR, and CBS — represents a structural transformation in the country’s revenue ecosystem. Beyond plugging leakages, it creates the fiscal space for government to channel more resources into education, healthcare, and infrastructure, in line with the administration’s overarching policy of delivering inclusive and sustainable growth.

Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, further reaffirmed the federal government’s commitment to building a transparent, technology-driven, and efficient revenue system that underpinned sustainable development and strengthened the social contract with Nigerians.

While it is currently difficult to ascertain the extent to which the new system could curb corruption in fiscal operation, an expert told THISDAY confidentially, “In terms of revenue leakages, there are two main challenges. First is that you don’t even know all that is collected.

“Second is that there is significant collusion such that significant sums do not come into government coffers anyway.

“The RevOp visibility allows us in the treasury to see all the revenues collected. We now do. The second part will be handled by treasury receipt because every ‘invoice’ is now recorded in the system and payment is backed by the receipt.”

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