Revenue generation hits N318.5bn in Q1—Accountant General

 

Revenue generation hits N318.5bn in Q1—Accountant General

The Accountant General of the Federation, Mrs Oluwatoyin Madein, has said the total revenue inflows to the federation account in the first quarter of 2024 amounted to N318.5 billion

She disclosed this at a hearing by the House of Representatives Committee on Finance to monitor the revenue by agencies of the federal government in Abuja.

Represented by the Director, Revenue Expenses, Felix Ogundayero, the accountant-general of the federation 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, adding that what was declared was what was 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.

The accountant-general, who said the bottom up cash planning policy would be adopted in implementing the 2024 budget, said:  “Reconciliation is still being done but the total revenue inflows to the federal government for January to March amounts to N318. 5 billion, against a total budget of N2.691 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 retrained and sensitisation is ongoing to ensure that MDAs are well equipped on the modalities and conditionalities.’’

Chairman of the committee, James Faleke, said the essence of the sitting was in line with their duty as a parliament to oversight and ensure that the revenue estimates which were submitted by each agency before the 2024 appropriation bill was passed into law were met.

He said:  “We have to ensure that those estimates are met. The appropriation has become a law, 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 figure was expected for the generation and what you have achieved. Also tell us your expenditure.’’