Oluwatoyin Madein, accountant-general of the federation, says N318.5 billion accrued as revenue to the federal government between January and March 2024.
Madein revealed this on Wednesday during an interactive session hosted by the House of Representatives Committee on Finance.
The accountant-general, represented by Felix Ogundayero, director of revenue costs, stated that revenue reconciliation was now underway and that what had been declared was what was provided to the committee.
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 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 officers have been retrained and sensitisation is ongoing to ensure that MDAs are well equipped on the modalities and conditionalities.”
Madein stated that the federal government’s economic measures will result in considerable revenue increases in 2024.
Armstrong Takang, chief executive officer of the Ministry of Finance Incorporated (MOFI), also addressed the committee, stating that several agencies have declared dividends totalling N101 billion.
According to him, several agencies have yet to announce their dividends due to a variety of reasons.
He 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.”
“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.”
James Faleke, chair of the committee, said the purpose of the interactive session with heads of ministries, departments, and agencies (MDAs) is to ensure that revenue estimates submitted to parliament by each agency before the passage of the 2024 appropriation bill are achieved.
He said:
“We have to ensure that those estimates are met. The appropriation has become a law and so that the revenue that you proposed 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, tell us what figure was expected and what you have achieved. Also, tell us your expenditure.”
“All organisations under MOFI should produce their annual reports for the past 10 years and the dividends 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.”
