Federal Government Records N318.5bn Revenue Inflow in First Quarter of 2024

The Accountant General of the Federation, Mrs. Oluwatoyin Madein, revealed that the Federal Government recorded a total revenue inflow of N318.5 billion in the first quarter of 2024. Madein disclosed this during a briefing session with members of the House of Representatives Committee on Finance held in Abuja.

Represented by the Director of Revenue and Investment in the Office of the Accountant General, Felix Ogundaro, Madein highlighted that the fiscal year 2024 is poised to be exceptional in terms of revenue generation, citing the policies of the President Bola Tinubu-led government as key drivers.

Madein emphasized the ongoing reconciliation process but noted that the total revenue inflow for January to March amounted to N318.5 billion, compared to a total budget of 2.691 trillion Naira. She further elaborated on the implementation of the bottom-up cash planning policy for the 2024 budget, stating that efforts are underway to ensure Ministries, Departments, and Agencies (MDAs) are well-prepared to adhere to the modalities and conditionalities.

Additionally, Armstrong Takang, the Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), also briefed the lawmakers during the session. Takang disclosed that some agencies under MOFI had declared dividends amounting to N101 billion.

Economy watchers say the  disclosure of the revenue inflow underscores the government’s commitment to fiscal transparency and accountability, as stakeholders are expected to monitor closely revenue performance and budget implementation to ensure alignment with national development objectives.

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