The Federal Government has unveiled a new technology-driven revenue system, the Revenue Optimisation and Assurance Project (REVOP), designed to transform how public funds are tracked, collected, and managed.

At the same time, the government introduced the Federal Treasury Receipt (FTR), a standardised digital proof of payment into Federal Government accounts. The FTR ensures that every issued receipt directly corresponds to funds deposited, closing gaps in accountability.

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

Speaking at the 31st National Economic Summit in Abuja, Minister of Finance Wale Edun described REVOP as a cornerstone of President Bola Tinubu’s economic reform agenda, which focuses on stabilisation, recovery, and growth. He said the project “represents a unified effort to safeguard every kobo of public revenue through innovation, automation, and accountability, by bringing all revenue under a single, technology-driven framework that promotes transparency and fiscal discipline.”

REVOP is designed to identify, collect, reconcile, monitor, and protect government revenues across all Ministries, Departments, Agencies (MDAs), and Federal Government-Owned Enterprises (FGOEs). Edun added, “Our determination is to ensure that every naira of government revenue is captured. Funds lying outside the TSA and the Central Bank must be brought under control using enforcement, consensus, and technology.”

Launched to implement the government’s Central Billing System (CBS), operational since October 1, REVOP enables instant reconciliation of payments, providing real-time visibility for public finance managers. Key components include the Revenue Splitting Engine, Treasury Management System, and Revenue Monitoring Dashboard, all aimed at making every transaction visible, verifiable, and traceable.

Beyond technology, REVOP seeks to rebuild trust in public finance, provide policymakers with accurate financial intelligence, and enable more effective decision-making. The system represents a shift from a paper-based, reactive approach to a transparent, proactive, and technology-enabled model.

Edun emphasised, “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.”