The Accountant General of the Federation, Oluwatoyin Madein on Wednesday disclosed that Federal Government has commenced the auto-deduction of 50 percent revenue generated by all Ministries, Departments and Agencies (MDAs) as well as other government owned institutions.
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The AGF who was represented by the Director, Revenue Expenses, Mr. Felix Ogundayero disclosed that the sum of N318.5 billion was generated in the first quarter of this year, against a total expected revenue of N2.591 trillion for the year 2024 as independent revenue.
While responding to Faleke’s inquiry on all aggregate revenue versus actual from January to March, 2024, he said: “Total revenue we are having 318.5 billion as against total budget of 2.691 trillion that’s the budget for the year. That’s internally generated revenue.”
“This year is going to be an exceptional year because for the very first time in the history of this country, all the foreign collections of federal government enterprises are now being subjected to auto-deduction 50 percent.
“We’ve talked to CBN, CBN has already effected the mandate so by the time we are coming for the second quarter report, we will give you the summary using the applicable exchange rate,” in order to have the aggregate amount realized of independent revenue from various MDAs and other government institutions.
Madein expressed confidence that it would be an exceptional year in terms of revenue for the country based on the policies of the present administration.
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 sensitization is ongoing to ensure that MDAs are well equipped on the modalities and conditionalities,” she said.
Chairman of the Committee, Hon. James Faleke, explained that the exercise was in line with the duty as a parliament to oversight to ensure that the revenue estimates which were submitted by each MDA in 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.
Speaking earlier, 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.
He said: “So far we have received dividends declared by some companies. But for many others their reports are either being prepared and have not been completed or have been completed but they have not gone to their Boards for approval and subsequently the AGM and as such we cannot use the number of their dividends until that has been done based on the corporate governance rules.
“Based on the number so far, it’s about N101 billion from the entities we have identified. 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.”
To this end, Faleke, directed that all the Federal Government enterprises under MOFI to produce their annual financial reports for the past 10 years.
“All organisations under MOFI should produce their annual report for the past 10 years and the dividend 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,” Faleke said.
The House also berated the Nigerian Agricultural Insurance Corporation for performing far below expectations.
The Corporation, represented by Dr. Philip Ashunze said out of a total expected revenue of N10 billion, it had only generated N70 million so far.
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