FG Steps Up Revenue Generation Efforts Amid Economic Shortfall
By Patience Ikpeme
The Accountant General of the Federation (AGF), Dr. Mrs. Oluwatoyin Madein, has announced the implementation of Aggressive Revenue Drives. This strategy aims to bolster funding for personnel costs, overheads, and capital expenditures in the upcoming 2024 fiscal year.
During an oversight visit from the House of Representatives Committee on Public Accounts at the Treasury House in Abuja, Dr. Madein detailed the necessity of these measures in light of low revenue remittance from certain Government-Owned Enterprises.
The meeting pointed out the fiscal challenges the nation faces and the commitment of the AGF’s office to enhance financial stability.
Dr. Madein, who assumed office in May 2023, revealed that substantial progress has been made in preparing and auditing the Federal Government of Nigeria’s Consolidated Financial Statement up to December 31, 2019, in collaboration with the Office of the Auditor-General of the Federation. She confirmed that the financial statements for 2020 and 2021 have also been finalized, while work on the 2022 statement is currently underway.
To further improve financial management, the AGF has proposed enhancements to the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Personnel and Payroll Information System (IPPIS). These advancements are expected to provide a more robust framework for financial oversight, contingent upon cooperation from the National Assembly.
In response to Dr. Madein’s presentation, the Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, urged the AGF to expedite the submission of the 2022 Consolidated Financial Statement as mandated by the 1999 Constitution.
He stressed the need for comprehensive measures to combat the issue of inadequate revenue remittance by state enterprises, suggesting that automation processes and regular audits should be employed to seal off revenue leakages.
