The Accountant-General of the Federation, Oluwatoyin Madein, has disclosed that Nigeria recorded a revenue accrual of N318.5 billion to the federal government between January and March 2024.
Madein made this revelation during an interactive session organized by the House of Representatives Committee on Finance on Wednesday.
Represented by Felix Ogundayero, Director of Revenue Expenses, Madein clarified that while the reconciliation of revenues is ongoing, the declared figure of N318.5 billion reflects what has been presented to the committee.
She stated, “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.”
Madein affirmed the continuation of the bottom-up cash planning policy for the 2024 budget implementation and highlighted ongoing training and sensitization efforts to equip Ministries, Departments, and Agencies (MDAs) with necessary modalities and conditionalities.
Anticipating a significant revenue increase for 2024 due to implemented economic policies, Madein projected a positive trajectory in revenue generation.
Additionally, Armstrong Takang, Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), addressed the committee, revealing that N101 billion had been declared as dividends by certain agencies.
He explained that some agencies are yet to declare dividends due to various factors, including pending board approvals.
Takang emphasized the adherence to corporate governance rules in dividend declaration processes.
Stated, “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.”
He stated, “All organizations 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.”
