AGF meets Reps says first quarter revenue of govt stands at N318.5bn

The Accountant General of the Federation, Mrs. Oluwatoyin Madein says total revenue inflow to the Federation Account in the first quarter of 2024 amounted to N318.5 billion.

She disclosed this in a hearing by the House of Representatives Committee on Finance organized to monitor the revenue agencies of the Federal Government.

The Accountant General who was represented by the Director, Revenue Expenses, Felix Ogundairo, said this was against a total expected revenue of N2.591 trillion for the year 2024. He added that a reconciliation of the figures was still ongoing and what was declared is what is available at the moment while expressing confidence that it would be an exceptional year in terms of revenue for the country based on the policies of the present administration.

Chairman of the Committee, Hon James Faleke, said the essence of the sitting was in line with their duty as a parliament oversight to ensure that the revenue estimates which were submitted by each agency before the 2024 appropriation bill was passed into law are met. Chief Executive Officer, of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, also disclosed that so far N101 billion have been declared as dividends by some agencies under it.

He said the report presented was not comprehensive as some agencies were yet to declare their dividends due to various factors. Chairman of the Committee, Faleke, however directed that all the agencies under MOFI should produce their annual report for the past 10 years.

The House also berated the Nigerian Agricultural Insurance Corporation for performing far below expectations. The Corporation, represented by Dr Philip Ashunze, had said out of a total expected revenue of N10 billion, it had only generated N70 million so far.