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318.5 Billion Naira Revenue Accrued From January To March 2024 – AGF
The Accountant General of the Federation, Oluwatoyin Madein says N318.5 billion naira has been accrued as revenue to the federal government in the first quarter of 2024.
Nation Post learned about this during an interactive session organized by the house Commitee on Finance. The representative of AGF Felix Ogundayero disclosed this during the interactive session on Wednesday in the green chambers.
According to Felix Ogundayero the Director of Revenue Expenses, the reconciliation of revenues is yet ongoing. “Reconciliation is still being done but the total revenue inflows to the federal government for January to March amounts to N318.5 billion as against a total budget of N2.691 trillion,”
Further, she said the bottom-up cash planning policy is on course and the 2024 budget is going to be implemented via that policy and officers have been retrained and sanitization is ongoing to ensure that MDAs are well equipped on the modalities and conditionalities.”
While addressing the commitee Madein emphasized that the revenue for 2024 will increase significantly due to the economic policies being implemented by the federal government.
Adding to what was already said, Armstrong Takang, Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), said N101 billion has been declared as dividends by some agencies.
Takang said, “So far, we have received dividends declared by some companies. But for many others, their reports are either being prepared and have not been completed or have been completed but they have not gone to their boards for approval,” he said.
“As such, we cannot use the number of their dividends until that has been done based on the corporate governance rules.
Also addressing the commitee was James Faleke, chair of the committee, he said that the purpose of the interactive session with heads of ministries, departments, and agencies (MDAs) is to ensure that revenue estimates submitted to parliament by each agency, before the passage of the 2024 appropriation bill, are achieved.
Faleke said, “We have to ensure that those estimates are met. The appropriation has become a law and so that the revenue that you proposed to generate in the year, we take it upon ourselves to do it on a quarterly basis to measure your performance,”
“We want to ensure that revenue activities from January to March are in line with your appropriation. When you are giving us your figure — tell us what figure was expected and what you have achieved. Also, tell us your expenditure.”
