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AGF office generates N1.41 billion revenue in three years

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The office of the Accountant General of the Federation (AGF), says it generated N1.41 billion in revenue in the last three years, in spite of being a service office.

Mr Ahmed Idris, the AGF said this when he appeared before the House of Representatives Committee on Finance on Tuesday in Abuja to defend the 2022 budget.

He said that the 2022 budget of the office was N10.470 billion.

“Over the last three years we have been able to generate N1.14 billion by way of revenue even though we are a service office,” he said.

He stated that the revenue was sourced from the training institution of the office, tender fees, use of classrooms among others, adding that though the revenue was meagre it was accounted for.

“The personnel cost for 2022 is N4.34billion and another leg of the personnel cost is the foreign service for all Nigerian mission abroad amounting to N4.747billion,” he said.

He stated that the personnel cost for the foreign mission was initially handled by the Ministry of Foreign Affairs but was shifted to the office of AGF by virtue of the administrative circular.

He said that the office of AGF was responsible for paying salaries and estacode of foreign missions.

He listed the overhead cost as N752.831 million and the capital as N 629.6million, adding that its envelope for 2022 was almost the same as 2021.

Rep. Babajide Obanikoro, a member of the committee had earlier queried the 2022 budget saying it was similar to that of 2021.

Rep. James Faleke, the chairman of the committee, also asked why the exchange rate for foreign mission in the AGF’s presentation was put at N425 to the dollar as against the N410 presented by President Muhammadu Buhari.

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Responding, Idris said that the exchange rate was higher because “We will still encounter certain charges by the Central Bank of Nigeria (CBN).

“We can’t run away from that. Yes, it is pegged at N410 by the President but for CBN, we have to pay higher, we know that N410 is what is being approved.

“Getting the fund at the appropriate rate is one thing but transmitting the funds are the elements that account for the higher charges,” he said.

Mr Victor Muruako, the Chairman, Fiscal Responsibility Commission (FRC), while appearing before the committee, to defend the 2022 budget, pleaded for the overhaul of the commission establishment act.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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