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FG raked in N318.5bn revenue in Q1 of 2024 – Accountant-General

"The total revenue inflows to the Federal Government for January to March amount to N318.5 billion"

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The Federal Government recorded a total revenue inflow of N318.5 billion in the first quarter of 2024, the Accountant General of the Federation, Mrs. Oluwatoyin Madein, said in Abuja.

Madein disclosed this while briefing members of the House of Representatives Committee on Finance on Wednesday.

Mr. Felix Ogundayero, the Director of Revenue Expenses, representing the accountant-general, announced that various government agencies will receive training and equipment to implement the bottom-up cash planning policy in the 2024 budget.

Madein noted that the 2024 fiscal year would be exceptional in terms of revenue generation, owing to the policies of the President Bola Tinubu-led government.

She said: “Reconciliation is still being done, but the total revenue inflows to the Federal Government for January to March amount 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.

“Officers have been retained, and sensitization is ongoing to ensure that Ministries, Departments, and Agencies are well equipped on the modalities and conditionalities.”

Also addressing the house committee on finance, the Chief Executive Officer, Ministry of Finance Incorporated, Armstrong Takang, who also briefed the lawmakers, disclosed that some agencies under MOFI had declared dividends of N101bn.

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 and subsequently the Annual General Meeting.

“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 is 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.”

In his intervention, the Chairman of the Committee, Mr. James Faleke, directed all the agencies under MOFI to provide the parliament with their annual report for the past 10 years.

He said: “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.”

Earlier, Faleke, who represents the Ikeja Federal Constituency of Lagos State, explained that the session was in line with the oversight function of the committee to ensure that the revenue targets of the various agencies in the 2024 fiscal year are met.

“We have to ensure that those estimates are met. The appropriation has become a law, and so with the revenue that you are proposing to generate in the year, we take it upon ourselves to do it every quarter 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.”

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