The Accountant General reports N318 billion revenue generated by FG in the first quarter

In the first quarter of 2024, the Federal Government generated a total revenue of N318.5 billion, according to the Accountant General of the Federation, Mrs. Oluwatoyin Madein.

This revenue was generated against an expected total revenue of N2.591 trillion for the year 2024.

Speaking at a hearing by the House of Representatives Committee on Finance in Abuja, Madein, represented by the Director of Revenue Expenses, Felix Ogundayero, revealed these details.

She mentioned, “Reconciliation is still ongoing, but the total revenue inflow to the federal government for January to March amounted to N318.5 billion, as opposed to the total budget of 2.691 trillion.”

Addressing the implementation of the budget, she indicated, “The bottom-up cash planning policy is on track, and the 2024 budget will be executed through that policy. Officers have been retained, and there is an ongoing sensitization process to ensure that MDAs are well-informed on the procedures and requirements.”

Madein emphasized that work on reconciling the figures is still in progress, and the disclosed figures reflect the current available data.

The Chairman of the Committee, Hon James Faleke, explained that the purpose of the meeting aligns with their parliamentary oversight role, ensuring that revenue estimates submitted by agencies prior to the passage of the 2024 appropriation bill are fulfilled.

He mentioned, “We are committed to enforcing those estimates. The appropriation is now a law, and we are quarterly assessing your performance against the revenue you expected to generate that year.”

Faleke added, “It is important for us to verify that revenue activities from January to March are in accordance with the appropriation. When providing your figures, please include the expected revenue generation, actual achievements, and expenditure.”

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