FG Received N318.5b Revenue In First Quarter Of 2024

The Accountant General of the Federation, Mrs. Oluwatoyin Madein, has disclosed that the Federal Government received N318.5 billion in revenue inflows during the first quarter of 2024.

This figure was announced during a hearing with the House of Representatives Committee on Finance, which aimed to monitor revenue generated by federal government agencies.

According to Madein, who was represented by the Director Revenue Expenses, this amount falls short of the expected N2.591 trillion revenue for 2024, with ongoing reconciliation efforts to finalize the figures.

She expressed confidence that 2024 would be an exceptional year for revenue generation, based on the policies of the present administration.

According to her, the bottom-up cash planning policy would be adopted for implementing the 2024 budget.

The Chairman of the Committee, James Faleke, emphasized the importance of oversight to ensure agencies meet their revenue estimates.

He stressed the need for quarterly assessments to measure performance and alignment with appropriations.

Faleke directed agencies under the Ministry of Finance Incorporated (MOFI) to submit their annual reports for the past 10 years, including dividends payments and evidence of payments.

Meanwhile, the Nigerian Agricultural Insurance Corporation representated by by Dr Philip Ashunze faced criticism for generating only N70 million out of an expected N10 billion revenue.

The Committee expressed disappointment at the corporation’s underperformance.

The Ministry of Finance Incorporated, MOFI, also reported that some agencies have declared N101 billion in dividends, although this figure is not comprehensive as some agencies are yet to declare their dividends due to various factors.

Oduyemi Odumade, Edited By Grace Namiji