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FG Receives N1.42trn Revenue In 2 Months

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The total sum of N1,042,815,394,011.48 was receipted into the  Federation Account for the months of March and April 2018, a report that was signed by the Sub-Treasury of the federation, Danladi Shuiabu has shown. N459,134,998,689.18 of the figure represents the monthly statutory share from the Federal Account Allocation Committee.   

The report also put revenue realised from the Ministry of Finance Incorporated Investment (MoFI) for the three month of April to May at N7, 144,093,243.29 billion. Operating Surplus stands at N6,283,773,267.85, while internally generated revenue (IGR) amounts to N860,319,975.44 million. MoFI is a special division in the Office of the Accountant-General. It was established for the sole purpose of taking charge of all State Investment in accordance with the State Policies. MOFI is in charge of special and trust funds that usually appear in assets and liabilities statements i.e. statement No.2.It keeps records and investments the credit balances of the various funds.

On a different note, the total sum of N61,033,559,425.23  realized from Ministries Extra-Ministerial Department and FPOS for the two months, the Accountant-general disclosed yesterday at the quarterly meeting with the directors of finance & Accounts and Internal Audit Heads of Accounts. The event was used to unveil the quarterly TREASURY Journal published by Office of the Accountant-General.

In his opening remarks at the event yesterday in Abuja, Accountant-General of the Federation, Ibrahim Idris said the quarterly meeting was organized “to add value to the content and quality of the values of the treasury.”

Director-general, Budget Office of the feferation, Ben Akabueze made presentation on “Harmonisation of budget and financial reporting” at the event. He urged the participants to give meaning to the nation’s budgetary process with a focus to building public confidence. “When people do not trust the budgeting process and financial report, it causes doubt and lack of confidence in their minds. We have a responsibility to simplify these things as much as possible for the people to understand,” the DG said.



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