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From Ndubuisi Orji, Abuja
The Accountant General of the Federation, Mrs Oluwatoyin Madein, has said the Federal Government got a total revenue inflow of N318.5 billion in the first quarter of 2024.
Madein made the disclosure, yesterday, while briefing members of the House of Representatives Committee on Finance, on the revenue performance of the various agencies of government in the first quarter of 2024.
The Accountant General, who was represented by the Director, Revenue Expenses, Felix Ogundayero, noted that 2024 fiscal year would be an exceptional year in terms of revenue generation, owing to the policies of the present administration.
She said: “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 sensitisation is ongoing to ensure that MDAs are well equipped on the modalities and conditionalities.”
Similarly, the Chief Executive Officer, Ministry of Finance Incorporated (MOFI), Armstrong Takang, who also briefed the lawmakers, disclosed that some agencies under MOFI has, so far, declared dividends of N101 billion.
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 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 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.”
The chairman of the committee, James Faleke, in his intervention, directed all the agencies under MOFI to furnish 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 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 were being met.
He said: “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.”
