News

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

Published

4 months ago

May 15, 2024

Gloria Ikibah

…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.

News

President Tinubu Speaks On Ajuri Ngelale’s Indefinite Leave Request

Published

48 mins ago

September 8, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

President Bola Ahmed Tinubu’s administration has endorsed Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, indefinite leave request.

Recall Ngelale, in a statement on Saturday, announced an indefinite leave of absence.

He proceeded on the leave to attend to pressing medical matters affecting his immediate family.

In a statement he posted on his general communication WhatsApp platform on Saturday, Ngelale revealed that he submitted a memo to the Chief of Staff on Friday.

He noted that the memo was a means of notifying him of the decision to pause his functions, including his roles as Special Presidential Envoy on Climate Action and Chairman of the Presidential Steering Committee on Project Evergreen.

Ngelale explained that the decision was after consultations with his family due to a worsening medical situation at home.

He expressed hope to return to full-time national service when circumstances permit.

In a statement posted on X by Tinubu’s Special Assistant on New Media, Olusegun Dada and signed by the Presidency, Tinubu approved Ngelale’s request.

Tinubu stated that he fully understands his Chief spokesperson’s reason and sympathizes with the circumstances that have led to this seemingly difficult decision.

The statement read: “The President has received the memo from Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity and Official Spokesperson of the President as well as Special Presidential Envoy on Climate Action, informing of his decision to proceed on an indefinite leave of absence for personal and health reasons.

“The President accepts his reasons for the leave, fully understands them and sympathizes with the circumstances that have led to this seemingly difficult decision.

“While extending his heartfelt prayers and best wishes to Chief Ngelale and his family during this challenging moment, the President hopes for a speedy recovery and full restoration to health.

“The President notes his tireless efforts and dedication in serving the nation, and thanks him for the remarkable contributions he made in his various capacities, especially in advancing national discourse and leading efforts on climate action and other key initiatives.

“The President wishes him well in all his future endeavors.

“During this period, we kindly ask that the wish for privacy of Chief Ngelale and his family be respected.”

News

Confusion As FG Denies Ownership Of Yacht Spotted In France With Nigerian Flag

Published

53 mins ago

September 8, 2024

Kayode Sanni-Arewa

…says it belongs to an undisvcosed private individual

By Kayode Sanni-Arewa

The presidency, on Saturday, denied ownership of a yacht spotted hoisting Nigerian flag in St-Tropez, a coastal town in France.

There had been reports of a “presidential yacht belonging to the Nigerian government being used for vacation at St Tropez” on social media.

Senior Assistant to President Bola Tinubu on digital and new media, Otega Ogra, in a post on X, said the yacht belongs to a private individual.

The presidential aide said flags used by the president or armed forces do not contain the coat of arms like the one on the yacht.

Ogra said on Saturday, “There have been false claims circulating that a private individual’s yacht was spotted in St. Tropez is a Nigerian government yacht. Here are some points to consider in order to discern the truth.

“The 42m Bennetti yacht currently being shared online has been privately owned for around 5 years since it was constructed.

It is important to note that this specific yacht has no connection or ownership ties to the Nigerian government, president or armed forces. Any claims or assertions suggesting otherwise are simply not true and inaccurate.

“It is not uncommon for luxury yachts to fly the flag of the owner’s country as well as the flag of the country in which they are registered.

“The official Nigerian flag is Green-White-Green without a coat of arms in the middle. Flags representing the Nigerian President or the Armed Forces do not contain a coat of arms in the center. Placing anything in the center of the flag is a clear deviation

News

Constituency Devt: Senator Manu fulfils promise, installs solar energy as alternative source of power for constituents(Photos)

Published

1 hour ago

September 7, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

In a bid to enhance better life for his constituents, Senator Manu Haruna has facilatated installation of solar energy in Takalafiya community in Bali Local Government Area of Taraba State.

Senator Manu who represents Taraba Central Senatorial District in the National Assembly fulfilled his promise of ensuring the energy needs of his constituents are adequately taken care of.

This initiative reflects his unwavering commitment to addressing the energy needs of his constituents by providing a reliable and sustainable power source.

The solar energy project is expected to improve the quality of life in the community, enabling access to electricity for homes, schools, and local businesses, while also promoting environmental sustainability.

This project is part of Senator Haruna’s broader efforts to enhance infrastructure and development in Taraba Central.

Manu is also working tirelessly to make sure areas not connected to the national grid are connected within the shortest period possible.