The Accountant General of the Federation, Mrs Oluwatoyin Madein, has revealed that the federal government generated total N318.5 billion revenue in the first quarter of 2024.
She said this was against a total expected revenue of N2.591 trillion for the year 2024.
Madein, who was represented by the Director, Revenue Expenses, Felix Ogundayero, disclosed this on Monday in Abuja at a hearing by the House of Representatives Committee on Finance to monitor the revenue by agencies of the Federal Government.
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 2.691 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 retained and sensitisation is ongoing to ensure that MDAs are well equipped on the modalities and conditionalities,” he said.
Madein noted that a reconciliation of the figures was still ongoing and what was declared is what is available at the moment.
The Chairman of the Committee, Hon James Faleke, said the essence of the sitting was in line with their duty as a parliament to oversight to ensure that the revenue estimates which were submitted by each agency before the 2024 appropriation bill was passed into law are met.
He said, “We have to ensure that those estimates are met. The appropriation has become a law and 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 the figure was expected for the generation and what you have achieved. Also tell us your expenditure,” Faleke said.
