The Accountant General of the Federation, Oluwatoyin Madein, has revealed that the Federal Government amassed a total revenue of N318.5 billion in the first quarter of 2024.
Mrs. Madein disclosed this information during a session held by the House of Representatives Committee on Finance, convened to monitor revenue generated by various agencies of the Federal Government.
Represented by the Director of Revenue Expenses, Felix Ogundayero, the Accountant General clarified that this revenue figure contrasts with the projected total revenue of N2.591 trillion for the entirety of 2024.
Mrs. Madein further explained that ongoing reconciliation efforts are being conducted to ensure accuracy, emphasizing that the reported figures represent the current available data.
Expressing optimism, the Accountant General expressed confidence in the potential of 2024 to yield exceptional revenue outcomes, attributing this expectation to the policies of the current administration.
She highlighted the adoption of a bottom-up cash planning policy for implementing the 2024 budget as a strategy to enhance fiscal management.
Chairman of the Committee, James Faleke, underscored the purpose of the hearing, emphasizing the parliament’s oversight role in ensuring that revenue estimates submitted by agencies align with the appropriations passed into law for 2024.
Mr. Faleke reiterated the House’s commitment to scrutinizing revenue activities from January to March to ensure alignment with the appropriated budgetary allocations.
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