So, I am using this space to challenge our leaders to be realistic with their models. It is nonsensical for some experts to model N2.7 trillion, only to land at N0.32 trillion, implying that the model was thoughtless and out of reason. Nigeria should and must do better because we have brilliant people in the land.
Finally, whoever did the revenue model for the federal government for Q1 2024 should be changed; I am not sure he/she has anything to offer Nigeria. This is a country of 220 million people; we can find better people to do that job.
The federal government suffered a massive budget deficit in the first quarter of 2024, missing its revenue target of N2.69 trillion by a whopping 745 per cent.
The accountant general of the federation, Oluwatoyin Madein said that the federal government revenue inflows amounted to a total of N318.5 billion in the first quarter of the year, 2024.
Madein said this at a hearing organised by the House of Representatives Committee on Finance to monitor the revenue by federal government agencies.
Represented by the director, Revenue Expenses, Felix Ogundayero, the Accountant General said this was against a total expected revenue of N2.591 trillion for the year 2024.
Madein added that a reconciliation of the figures was still ongoing and what was declared is what is available at the moment.
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.
Update
Leadership Newspaper: is this publication correct? I used your source and made a post here on Nigeria’s revenue for Q1 2024. But it seems like Punch has a different figure. I have checked at the Federal Ministry of Finance website to confirm the data, but so far, no luck. Please help if possible.
Meanwhile, Good People, if you have the original government data, please share a link. If it turns out that Leadership is wrong, I will delete my post.
This is Leadership piece . This is my own piece which relied on it.
Of course, if you work in the responsible ministry in Abuja, we will appreciate your guidance on this. I am hoping that we have not gotten to a state where we cannot quote Leadership considering that it is a credible newspaper in the nation.
When I wake up in America, I scan newspapers because I am co-invested via Tekedia Capital in more than 100 companies in Nigeria. We’re the people who despite everything continue to believe. We want Nigeria to thrive!
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