The Federal Government has launched a new technology-driven revenue system, the Revenue Optimisation and Assurance Project (REVOP), an initiative designed to redefine how the nation tracks, collects, and manages its public finances.
It also launched the Federal Treasury Receipt (FTR), a groundbreaking reform that provides a single, standardised, and digitally verifiable proof of all payments made into the Federal Government account.
The FTR ensures that every government-issued receipt corresponds directly to funds deposited into government accounts.
The Federal Ministry of Finance championed the initiative in collaboration with the Office of the Accountant-General of the Federation (OAGF), the Central Bank of Nigeria (CBN), and the Federal Inland Revenue Service (FIRS
At the formal presentation of the initiative during the 31st National Economic Summit in Abuja recently, the Honourable Minister of Finance, Mr. Wale Edun, reaffirmed the government’s commitment to strengthening fiscal responsibility through innovation and technology.
He described REVOP as a cornerstone of President Bola Ahmed Tinubu’s economic reform agenda, which focuses on stabilisation, recovery, and growth.
The minister further said it represents a unified effort to safeguard every kobo of public revenue through innovation, automation, and accountability by bringing all revenues under a single, technology-driven framework that promotes transparency and fiscal discipline.
Edun said REVOP was created to identify, collect, reconcile, monitor, and protect government revenues across all Ministries, Departments, Agencies (MDAs), and Federal Government-Owned Enterprises (FGOEs).
“It is our determination to make sure we bring in every single penny. There’s federal government money lying outside the TSA, lying outside of the Central Bank, and it requires enforcement, consensus, and the right use of technology,” he said.
Designed to implement the Central Billing System (CBS) of the government, which became operational on October 1, REVOP enables instant reconciliation of government payments, giving public finance managers real-time visibility into transactions.
Edun described the system as a “game changer” in public financial management, capable of eliminating long-standing inefficiencies and leakages.
Other aspects of the initiative include the Revenue Splitting Engine, Treasury Management System, and Revenue Monitoring Dashboard, which are designed to ensure that every transaction within the government’s revenue chain is visible, verifiable, and traceable.
Aside from its technology-driven system, REVOP will help rebuild trust in public finance, empower policymakers with accurate financial intelligence, and enable more effective decision-making.
It will also strengthen fiscal transparency and ensure that every government revenue stream can be monitored in real time representing a shift from a paper-driven, reactive system to a transparent, proactive, and technology-enabled model.
“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 and practical step toward that vision, one that builds trust, strengthens accountability, and supports sustainable growth,” Edun said.
With the rollout of REVOP, Nigeria is not just digitising its financial systems; it is laying the foundation for a transparent, accountable, and technology-driven future.
The project signals a new era in which public finance is managed with precision, integrity, and foresight, ensuring that every kobo counts toward national development.
