N7trn accrued to federation account in 6 months — RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has revealed that the total sum of  N7.3 trillion accrued into the Federation Account for the period of July to December, 2023, as captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) under the caption: “CBN Federation […]

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has revealed that the total sum of  N7.3 trillion accrued into the Federation Account for the period of July to December, 2023, as 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”.

In a statement made available to Daily Trust yesterday, the Chairman of the commission, Mohammed Bello Shehu, said that the amount was higher than the NN5.2trn realised in the first half of the year 2023.

Shehu said, “Out of the total gross revenue inflows into the Federation Account, the sum of N1.6trn was transferred to the Exchange Gain Differential Account, thus leaving the sum of N5.47trn for distribution.

“Also, N3.2trn was deducted as an approved statutory deduction by the OAGF, leaving a net balance of N2.2trn for distribution to the three tiers of government within the period under review.”

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He further explained that out of the N3.267trn statutory deduction indicated above, the sum of N2.251trn was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016trn with further augmentations for sharing among the three tiers of government received from some “reserve accounts” which were revenues maintained by the Federal Ministry of Finance and OAGF. 

The statement added that within the period under review, the net sum of N4trn was shared with the three tiers of government, an amount higher than the total sum N3trn (N3,069,594,889,669.74) shared to the three tiers of government in the period of January to June, 2023.

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 N874.6bn 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 N1.56trn, while the Federal Inland Revenue Service (FIRS) remitted the sum of N3.65trn and the Nigeria Customs Service (NCS) remitted the sum N1.2trn.