FG Jump-starts Revenue Optimisation Assurance Project to Plug Revenue Leakages

•Investors stake N91.42bn for FGN’s N50bn Series III Sovereign Green Bond

Ndubuisi Francis in Abuja

The federal government has launched the Revenue Optimisation and Assurance Project (REV-OP), a  strategic initiative to address revenue leakages, enhance transparency, and drive economic development.

The blueprint, a significant step  to strengthen Nigeria’s public financial management and revenue systems, seeks to strengthen the economy and achieve sustainable growth and development.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun officially unveiled the project in Abuja, Thursday.

The unveiling of the revenue initiative came as investors staked N91.42 billion in the FGN Series III Sovereign Green Bond.

The federal government believes the  REV-OP initiative introduces a bold new framework grounded in transparency, efficiency, and digital transformation.

While unveiling the project, Edun said, “This is not a rebrand, but a clean break,” adding that the project marks the commencment of a more secure and accountable financial future for Nigeria.

According to a statement issued by the Director, Information and Public Relations, Mohammed Manga, the session brought together representatives from the Federal Inland Revenue Service (FIRS), the Central Bank of Nigeria (CBN), and the Office of the Accountant General (OAGF)  as well as key private sector technology partners.

To ensure robust oversight and delivery, a two-tier governance structure has been established, comprising a Steering Committee and a dedicated project management team, with daily coordination meetings to drive momentum and execution.

This structure is expected to enhance accountability, facilitate effective decision-making, and ensure timely implementation of project objectives.

The statement further noted that the REV-OP initiative aligns closely with President Bola Ahmed Tinubu’s economic vision to increase domestic revenue, plug leakages, and build a stable, investor-friendly fiscal environment.

It is not clear how the unveiling of the REV-OP initiative will radically differ from previous initiatives like the Strategic Revenue and Growth Initiative (SRGI) and Project Lighthouse under the past administration of President Muhammadu Buhari.

Meanwhile, the Debt Management Office (DMO) has announced that investors have staked the sum of N91.42 billion in the FGN’s Series III Sovereign Green Bond, more than N41 billion over the N50 billion on offer.

The DMO made the disclosure yesterday, following the close of the exercise.

According to the Debt Management agency, “Investors again demonstrated their confidence in the Federal Government of Nigeria (FGN) Securities by the high level of subscription of N91.42 billion recorded in the recent Sovereign Green Bond Offer.”

The Offer, which closed on Wednesday, June 18, 2025, was for N50 billion and represents the third Green Bond Issuance by the Debt Management Office (DMO) on behalf of the FGN.

The DMO added that the issuance attracted strong investor interest, as the N91.42 billion, represented 183% subscription rate.

It added, “This impressive demand reflects investor confidence in Nigeria’s growing Green Bond Market and its commitment to sustainable finance and development, as well as climate action.

“Investors were allotted a total of N47.355 billion at a coupon of 18.95% per annum.

“Proceeds from the Issuance will be used to finance projects in the 2024 Appropriation Act that support Nigeria’s Nationally Determined Contributions (NDCs) under the Paris Agreement and its broader climate commitments, including the target to achieve net-zero emissions by 2060.”

The Director-General of DMO, Ms. Patience Oniha was quoted as saying, “The strong investor interest in this Green Bond demonstrates growing confidence in Nigeria’s commitment to sustainable financing.

“Green Bonds are becoming an increasingly important instrument for mobilising capital towards our climate objectives and sustainable development agenda.”

According to the DMO, the Green Bond was another contribution of the organization towards the deepening of the domestic capital market and that it remained committed to this objective.

Chapel Hill Denham and Stanbic IBTC Capital Limited acted as Financial Advisers/Book Runners/Issuing Houses on the Transaction