The accountant General reveals that FG’s revenue inflows in first quarter of 2024 amounts to 318.5bn.
The Accountant General of the Federation, Mrs Oluwatoyin Madein, on Wednesday told the House of Representatives Committee on Finance that the total revenue inflows to the Federal Government in the first quarter of 2024 amounted to N318.5 billion.
She made the revelation at the resumed hearing by the House Committee to monitor quarterly revenue exercise by agencies of the Federal Government.
OrderPaper recalls that the Committee had on Monday 13 May, 2024 commenced the exercise with some stakeholders in attendance but adjourned immediately after opening prayers in honour of their late colleague, Rep. Isa Dogonyaro (APC, Jigawa).
Represented by the Director, Revenue Expenses, Felix Ogundayero, she said this was against a total expected revenue of N2.591 trillion for the year 2024.
She added that a reconciliation of the figures was still ongoing and what was declared is what is available at the moment.
Madein expressed confidence that it would be an exceptional year in terms of revenue for the country based on the policies of the present administration.
She said the bottom up cash planning policy would be adopted in implementing the 2024 budget.
“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 2.691 trillion.
“For the budget, 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 retained and sensitization is ongoing to ensure that MDAs (Ministries, Departments and Agencies are well equipped on the modalities and conditionalities,” she said.
In his remarks, Chairman of the Committee, James Faleke (APC, Lagos), said the essence of the sitting was in line with their duty as a parliament to oversight to ensure that the revenue estimates which were submitted by each agency before the 2024 appropriation bill was passed into law are met.
“We have to ensure that those estimates are met. The Appropriation has become a law and so that 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, you tell us what the figure was expected for the generation and what you have achieved. Also tell us your expenditure,” Faleke said.
On his part, Dr Armstrong Takang, Chief Executive Officer, of the Ministry of Finance Incorporated (MOFI) also disclosed that so far N101 billion have been declared as dividends by some agencies under it.
He said the report presented was not comprehensive as some agencies were yet to declare their dividends due to various factors.
“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 and subsequently the AGM and as such we cannot use the number of their dividends until that has been done based on the corporate governance rules.
“Based on the number so far, it’s about N101 billion from the entities we have identified. We continue with other entities whose dividends have not been paid to ensure we go through the process of them passing it at the board level and the AGM before the figures are sent to us and the money rendered to the treasury.”
Responding, Faleke directed that all the agencies under MOFI should produce their annual report for the past 10 years.
“All organisations under MOFI should produce their annual report for the past 10 years and the dividend that ought to have been paid, what ought to have been paid, and what was paid by each of the agencies, and of course evidence of payments,” he said.
The House also berated the Nigerian Agricultural Insurance Corporation for performing far below expectations.
Earlier, the Corporation, represented by Dr Philip Ashunze, had said out of a total expected revenue of N10 billion, it had only generated N70 million so far.
