Posted by The federation account received a total of N318.5 billion in revenue in the first quarter of 2024, according to Mrs. Oluwatoyin Madein, the Accountant General of the Federation.
In Abuja, she made the revelation during a session of the House of Representatives Committee on Finance, which is responsible for overseeing the federal government’s finances.
This is in contrast to a total anticipated revenue of N2.591 trillion for the year 2024, according to the accountant-general of the federation, Felix Ogundayero, who is representing the director of revenue expenses.
She went on to say that the data were still being reconciled and that the information that was announced was the most up-to-date.
According to Madein, the current administration’s measures will lead to record-breaking national revenue this year.
“Reconciliation is still being done, but the total revenue inflows to the federal government for January to March amounts to N318. 5 billion, against a total budget of N2.691 trillion,” the accountant-general said, adding that the bottom-up cash planning policy would be implemented as part of the 2024 budget.
Officers have been retrained, and sensitization is ongoing to ensure that MDAs are well-equipped on the mechanisms and conditionalities. The 2024 budget will be implemented via the bottom-up cash planning policy.
The purpose of the meeting, according to committee chair James Faleke, was to carry out their parliamentary duty of supervising and ensuring that the revenue estimates presented by each agency prior to the passage of the 2024 appropriation bill were satisfied.
“We have to make sure those projections are fulfilled,” he stated. We are now required by law to calculate the amount of money you were planning to bring in each quarter in order to gauge how well you’re doing with the appropriation.
January through March revenue operations should be in accordance with your appropriation, we assure you. While providing us with your statistic, you also inform us of the expected figure for your generation and what you have accomplished. Let us know how much you spent as well.