News

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

Published

7 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

Let oracles decide Owa-Obokun stool, contestant tells Osun govt, kingmakers

Published

33 minutes ago

December 20, 2024

Kayode Sanni-Arewa

Prince Kayode Adewale, a contestant for the vacant Owa-Obokun of Ijesa land throne, has urged the Osun state government and traditional kingmakers to rely on oracles and deities in selecting the next monarch of the ancient town.

Prince Adewale of the Owa Bilaro Oluodo Royal Family, made the call during a press conference in Ilesa, Osun State, on Thursday.

He noted that the Ifa oracle, along with the Obokun and Ogun deities, should be the determining factors in the selection process.

The stool became vacant following the passing of Oba Gabriel Aromolaran, who joined his ancestors on September 11, 2024, after a 42-year reign.

As the contest intensifies, an Osun State High Court, presided over by Justice Adeyinka Aderibigbe, has restrained Governor Ademola Adeleke and others from appointing a new Owa-Obokun from the Haastrup family or any other candidate.

Amid the ongoing legal battles, Prince Adewale reaffirmed his interest in the throne, advocating for adherence to traditional processes to ensure fairness and legitimacy.

He said: “The Owa Obokun stool is not for sale. In Ijesaland when it’s comes to selection of a new King the Ifa, Obokun and Ogun deities will be consulted and the person that has the highest vote from them will emerge as the king.”

Declaring his intention, Adewale said he is committed to standardizing mining practices and implementing robust land reclamation policies.

“Ijeshaland is blessed with abundant natural resources, particularly in gold mining. However, our gold resources must be harnessed responsibly and sustainably. Under my leadership, I will work towards the standardization of gold mining practices, ensuring that this wealth benefits the people of Ijeshaland while preserving our environment for future generations.”

News

Reps approve extension of 2024 budget implementation to June next year

Published

37 minutes ago

December 20, 2024

Kayode Sanni-Arewa

The House of Representatives on Thursday approved the extension of the implementation of the capital component of the 2024 budget from 31 December 2024 to 30 June 2025.

Leader of the House, Hon Julius Ihonvbere, laid the report of the report of the bill seeking the extension as the House dissolved into the Committee of Supply to consider it.

It is titled, “A Bill for an Act to Amend the Appropriation Act, 2024 to extend the implementation of the Capital Component of the Appropriation Act, 2024 from 31 December, 2024 to 30 June, 2025 and for Related Matters (HB.2023)”

Deputy Speaker, Benjamin Kalu, who announced the adjournment of plenary to January 14, 2025, urged members to work hard in their various to ensure that the prompt passage of the 2025 budget upon resumption.

News

ALGON condemns suspension of Edo LG chairmen, councillors

Published

39 minutes ago

December 20, 2024

Kayode Sanni-Arewa

The Association of Local Governments of Nigeria (ALGON) on Thursday condemned in strong terms the suspension of 18 local government chairmen and councillors in Edo state by the House of Assembly.

Governor Monday Okpebholo had accused the suspended chairmen of disobeying his instructions by allegedly refusing to submit their financial records to the state government.

However, the ALGON’s National Executive Council (NEC) and its Board of Trustees (BoT) on Thursday jointly condemned the decision saying the governor and lawmakers did not give the council chairmen fair hearing to defend themselves.

The association at an emergency meeting in Katsina state, appealed to President Bola Tinubu to intervene, emphasising the need to respect the autonomy and independence of local governments as guaranteed by the nation’s constitution and recent ruling by the Supreme Court.

“ALGON views this suspension as a setback for democracy and abuse of power, particularly since the chairmen were not given a chance to defend themselves.

“This suspension is invalid. It contradicts the Supreme Court’s judgment granting local governments autonomy,” the ALGON National Publicity Secretary, Hamisu Anani, in a statement said.

Anani stated that if the Edo State House of Assembly’s decision was right, it would not have generated criticisms across the length and breadth of the country.

“This suspension is unconstitutional; it is null and void.

“ALGON is hereby urging the Edo State House of Assembly to reverse the decision and respect the rule of law to strengthen democratic governance.

“ALGON also appeals to President Bola Tinubu to intervene and halt this abuse of power,” the statement said.