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Accountant General Reveals Total Revenue Inflow For Q1 Is N318.5bn

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…as MOFI say N10bn Realised from some agencies
By Gloria Ikibah
The Accountant General of the Federation, Oluwatoyin Madein has said that total revenue inflows to the Federal Government in the first quarter of 2024 amounted to N318.5 billion.
Madein disclosed this on Wednesday at a an interactive session organised by the House of Representatives Committee on Finance to monitor the revenue by agencies of the Federal Government.
Represented by the Director, Revenue Expenses, Felix Ogundayero, she said this was against the total expected revenue of N2.59 trillion for the year 2024, also a reconciliation of the figures was still ongoing and what was declared is what is available at the moment.
Madein further expressed confidence that it would be an exceptional year in terms of revenue for the country based on the policies of the present administration.
According to her, the bottom up cash planning policy would be adopted in implementing the 2024 budget.
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”.
Chairman of the Committee, Rep. James Faleke explained that the essence of the sitting was in line with their duty as a parliament to oversight to ensure that the revenue estimates which were submitted by each agency before 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”.
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.
Takang 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”.
The Chairman therefore directed that all the agencies under MOFI should produce their annual report 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, had said out of a total expected revenue of N10 billion, it had only generated N70 million so far.
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Finally, Iranian Footballers Granted Visas For 2026 World Cup

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Iran’s football squad have been finally granted visas to enter the United States so they can play in the World Cup, US Ambassador to Turkey Tom Barrack confirmed Friday.

A US administration official confirmed this separately in a statement issued by the State Department.

The visa issuance means Iran will compete in the world’s top sporting event even as the Mideast war pitting it against the United States and Israel continues, albeit with a shaky truce in place.
“Proud of our outstanding team at the U.S. Embassy in Ankara for their work processing visas for Iran’s national football team on their road to the @FIFAWorldCup in the United States,” Barrack said, commenting on a news report that Iran’s World Cup players have been granted the visas to enter the United States.
“Sports transcends borders, and we look forward to welcoming competitors and fans from around the world,” the ambassador said.

The unnamed administration official confirmed Iran’s team has been issued visas, and added: “We will not allow the Iranian team to abuse this system to sneak terrorists into the United States under false pretenses.”
The Iranian team is due to fly from Turkey to Spain on Saturday before travelling on to their base camp in Mexico, where they will arrive on Sunday.

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The team will be based in Mexico during the tournament in North America, but all three of their group stage matches are due to be held in the United States.
They were originally due to be based in the US but switched their camp to Mexico due to the tensions between Iran and the United States over the war that began February 28 with US and Israeli attacks on Iran.

Iran begin their World Cup campaign against New Zealand on June 16 in Los Angeles.
They will play further group matches against Belgium, also in LA, and Egypt in Seattle.

AFP

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Photos: Tinubu Courageous Leadership, Vision Transforming Nigeria Through Infrastructure, Says Wike

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, on Saturday, declared the courageous leadership, vision and political will demonstrated by President Bola Ahmed Tinubu, as responsible for bridging Nigeria’s longstanding development gap, citing ongoing infrastructure projects across the country as evidence of purposeful leadership.

Speaking at the 36th Convocation Ceremony of the University of Port Harcourt, where he delivered a lecture titled; “Leadership and Infrastructure Development in Nigeria: Lessons for Future Leaders,” Wike described the scale, direction and momentum of infrastructure initiatives under the Tinubu’s administration as a reflection of a leadership committed to national transformation.

According to him, the President has shown an uncommon willingness to confront difficult decisions and mobilise resources towards addressing Nigeria’s infrastructure deficit.

“What the present moment offers is a rare and defining possibility, a window in which purposeful leadership can begin, in earnest, to narrow the enduring gap between Nigeria’s vast potential and its historically uneven performance,” Wike said.

“In this regard, the evidence increasingly suggests that President Bola Ahmed Tinubu has demonstrated, beyond reasonable doubt, the courage to confront difficult choices, the capacity to mobilise national resources, and the will to pursue infrastructure as a serious instrument of transformation.”

The FCT Minister argued that infrastructure remains the clearest measure of leadership effectiveness, stressing that roads, railways, power projects, housing schemes and digital infrastructure are critical foundations for economic growth and social development.

He noted that while some ongoing projects were inherited from previous administrations, the Tinubu government has injected renewed urgency and strategic direction into their execution.

According to him, projects that previously existed as isolated initiatives are now being integrated into a broader national development framework aimed at stimulating productivity, strengthening national cohesion and expanding economic opportunities.

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Wike cited major projects including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road and access roads to the Second Niger Bridge as examples of the administration’s commitment to reshaping Nigeria’s economic landscape.

He also highlighted ongoing investments in rail transportation, including the rehabilitation of the Port Harcourt-Maiduguri railway corridor and efforts to expand standard gauge networks across the country.

In the power sector, Wike pointed to the implementation of the Presidential Power Initiative in partnership with Siemens, as well as rural electrification programmes and mass metering schemes designed to improve electricity supply and restore consumer confidence.

The minister further commended the administration’s energy transition agenda, particularly the Presidential Compressed Natural Gas (CNG) Initiative and the National Hydrogen Policy, describing them as forward-looking interventions that align Nigeria with emerging global energy realities.

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He also referenced investments in housing, aviation, broadband infrastructure, security architecture and education, including the Nigeria Education Loan Fund (NELFUND), which he said is helping to expand access to higher education.

Wike described the removal of fuel subsidy as one of the boldest decisions taken by the administration, arguing that the policy has created additional fiscal space for governments at different levels to invest in critical infrastructure and development projects.

“Transformative leadership often requires the courage to choose long-term stability over short-term comfort,” he stated.

The former Rivers State governor maintained that infrastructure development should not be assessed by the number of projects announced but by their successful completion and long-term impact on citizens.

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He warned that Nigeria’s development aspirations would remain unattainable without sustained investments in roads, power, transportation, healthcare and education.

While acknowledging that infrastructure development is a long-term undertaking whose benefits may not be immediately visible, Wike urged Nigerians to support efforts aimed at building a functional and integrated economy.

“If this trajectory is to be consolidated, deepened, and translated into lasting national outcomes, it requires not interruption in leadership, but continuity; not hesitation, but sustained commitment,” he said.

The minister stressed that leadership should be judged by its ability to translate vision into concrete outcomes, insisting that no nation can rise above the quality of its infrastructure and the commitment of those entrusted with governance.

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The convocation lecture formed part of activities marking the university’s 36th Convocation Ceremony attended by academics, students, alumni, government officials and other dignitaries from across the country.

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PHOTOS: Dutiful wife of FCT minister Wike, adjusting her husband’s cap at ongoing UNIPORT Convocation lecture

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Hon Justice Suzzette Nyesom-Wike, Wife of the FCT Minister, Nyesom Wike, sighted adjusting her husband’s cap and cleaning his sweat as he delivers his UNIPORT Convocation Lecture titled; “Leadership and Infrastructure Development in Nigeria: Lesson for future leaders” going on now.

SEE photos:

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