Abuja, Nigeria – Mediaage NG News – The Accountant-General of the Federation, Mrs Oluwatoyin Madein, in her presentation on Monday, before the Senate Joint Committee on the 2024-2026 Medium Term Expenditure and Fiscal Strategy Paper, said MDAs are obligated in line with financial laws to reconcile their accounts and remittances made to government.
The Office of the Accountant-General of the Federation manages receipts and expenditures from MDAs.
“In the area of revenue, we are earning and monitoring accounting and remittances through collaboration and synergy with various agencies of the government that are critical in revenue generation, she said.
“The office is equally looking at the MTEF that has been put together by the Office of Budget and Economic Planning”, Mrs. Madein stated.
She highlighted figures from 2020 to 2023.
She said from the federation account in 2020, the budgeted revenue was put at N7.9tn, and the actual gross revenue was N8trn, while net distribution was N7.6trn.
“In 2021, budget was N9.2trn, while the actual gross inflow was N9.3trn and the net inflow was N7.7tn, she said.
“In 2022, the budget was N15trn, the actual revenue was N12.2trn, the net distribution was N8.6trn.
“In 2023, revenue projection was N13,7trn. As at October, the total revenue inflow was N12.4trn. Under the Stamp Duty, the budget for 2020 was N17.3bn, while the actual was N119bn.
“In 2021, the budgeted amount was N16.8bn, while the generated amount N33.94bn.
“In the year 2022, the budget stamp duties was N16.8bn while the generated amount was N53.5bn. In 2023, the budgeted amount was N44.46bn and the generated amount was N53bn. For the IGR in 2020 was N871.3bn, while the actual amount N532,9bn.
“In 2021, the budgeted amount was N1.06tn ehile the generated amount was N1.06tn. In 2022 the budgeted amount was N2.2tn while the amount collected was N1.39tn.
“In 2023, the budget was N2.6tn, while actual amount was N1.42tn as at Septemeber 2023.
“We can only project IGR for 2024 and we put that on 20% mark up of the budget of 2023 which is N3.1trn”.