FG Targets Better Revenue Collection Through Banks
The Federal Government has called on banks and other financial institutions to strengthen their collaboration with public sector agencies as Nigeria intensifies efforts to modernise revenue collection through digital platforms.
The appeal comes amid ongoing reforms aimed at improving transparency, blocking revenue leakages, and enhancing real-time monitoring of government income across Ministries, Departments, and Agencies (MDAs).
At the centre of the initiative is the Revenue Optimisation and Assurance Platform (RevOP), a technology-driven system designed to automate revenue collection, reconciliation, and reporting while ensuring that all government revenues are captured within the Treasury Single Account (TSA) framework. Government officials say the platform is helping to improve accountability and provide greater visibility into public finances.
The Federal Government has urged banks to play a more active role in supporting the digital ecosystem by providing secure payment infrastructure, seamless transaction processing, and efficient integration with government platforms. Financial institutions are expected to facilitate multiple payment channels, including electronic transfers, card payments, and other digital solutions that make compliance easier for businesses and citizens.
Recent reforms have seen the government expand the deployment of digital revenue tools, including the Federal Treasury e-Receipt (FTeR) system, which has become the official platform for validating federal government payments. Authorities believe the adoption of digital receipts and cashless collections will significantly reduce fraud, improve efficiency, and strengthen public confidence in government financial processes.
The push for greater collaboration with banks also aligns with broader efforts to modernise Nigeria’s tax administration. Earlier this month, the government unveiled Rev360, a digital tax administration platform designed to simplify taxpayer interactions, improve compliance, and strengthen revenue generation through data-driven processes. Officials described the platform as a major milestone in the country’s journey towards a more transparent and efficient revenue system.
Industry stakeholders have welcomed the reforms, noting that stronger partnerships between government agencies, banks, and payment service providers will be critical to achieving the administration’s revenue targets and sustaining fiscal stability.
With more MDAs expected to join the Revenue Optimisation and Assurance Platform in the coming months, the Federal Government remains optimistic that digital technology and closer cooperation with the banking sector will help maximise revenue collection, improve service delivery, and support Nigeria’s economic transformation agenda.
