The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that a total of N7,314,129,314,386.08 was accrued into the Federation Account from July to December 2023.
This was 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 press statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu, in Abuja, revealed the sum accrued to the Federation Account from July to December 2023.
According to the reports, this was higher than the sum of N5,244,037,636,561.60 realised in the first half of the year 2023.
According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of N1,692,591,243,111.06 was transferred to the Exchange Gain Differential Account, leaving a balance of N5,475,345,228,675.47 for distribution.
He added that from the amount stated above, the sum of N3,267,312,106,993.25 was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2,208,033,121,682.22 for distribution to the three tiers of government within the period under review.
The Chairman further explained that out of the N3.267 trillion statutory deduction indicated above, the sum of N2.251 trillion was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016 trillion with further augmentations for sharing among the three tiers of government received from some “reserve accounts.”
The statement added that within the period under review, the net sum of N4,000,616,207,152.95 was shared with the three tiers of government, an amount higher than the total sum of N3,069,594,889,669.74 shared to the three tiers of government between January to June 2023.
In terms of percentages, the chairman stressed that “the statutory deduction in the second half of the year constituted 44.12% 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% (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 N874,645,145,704.30 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 N1,568,961,616,920.99, while the Federal Inland Revenue Service (FIRS) remitted the sum of N3,653,693,895,023.45.
On its part, the Nigeria Customs Service (NCS) remitted the sum N1,216,828,656,737.34 to the Federation Account.
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