The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that the total sum of N7.31tn has accrued into the Federation Account for the period July to December 2023.
This js captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement”.
This amount is higher than the sum of N5.244tn realised in the first half of the year 2023.
Advertisement
In a press statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu, and made available to THE WHISTLER in Abuja, the Commission reported on the total revenue that accrued into the Federation Account from July to December 2023.
According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum N1,692tn was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.475bn for distribution.
He added that from the amount stated above, the sum of N3.26tn was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2.2tn for distribution to the 3-tiers of government within the period under review.
The Chairman further explained that out of the N3.267tn statutory deduction indicated above, the sum of N2.251tn was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016tn with further augmentations for sharing among the 3-tiers of government received from some “reserve accounts.”
The statement adds that within the period under review, the net sum of N4tn was shared with the three tiers of government, an amount higher than the total sum of N3.06tn
In terms of percentages, the chairman stressed that “the statutory deduction in the second half of the year constituted 44.12 per cent of the total gross inflow into the Federation Account in the six-month period, which was higher than the first half deductions of 42.31 per cent (inclusive of transfer to the Non-Oil Excess Account).”
On remittances by Revenue Generating Agencies (RGAs), the RMAFC Boss disclosed that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited (NNPCL) remitted N874 64bn in the second half of the year as against the zero-remittance made in the first half of the year.
Similarly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N1.56tn while the Federal Inland Revenue Service (FIRS) remitted the sum of N3.65tn.