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.
Madein, 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.
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.
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.
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.
To this end, Faleke, directed that all the Federal Government enterprises under MOFI to produce their annual financial reports for the past 10 years.
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