The decision, revealed in a circular dated December 28, 2023, issued by the Ministry of Finance on Tuesday, January 2, 2024, directs all ministries, departments, and agencies (MDAs) to remit 100% of their revenues into a Sub-Recurrent Account, a sub-component of the Consolidated Revenue Fund (CRF).
The move marks a departure from the previous administration’s approach and is aimed at enhancing revenue generation, fiscal discipline, accountability, and transparency under President Tinubu’s governance.
The circular specifically instructs fully funded MDAs, aligned with the Fiscal Responsibility Act, 2007, and any additions by the Federal Ministry of Finance, to remit all Internally Generated Revenue (IGR) to the Sub-Recurrent Account.
