From Adanna Nnamani, Abuja
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has revealed that a total of N7.31 trillion has been accrued into the Federation Account for the period between July and December 2023. This information was presented in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN).
The amount of N7.31 trillion is higher than the N5.24 trillion realised in the first half of 2023.
In a press statement signed by Mr Mohammed Bello Shehu, the Chairman of RMAFC, in Abuja on Thursday, the Commission provided details of the total revenue accrued into the Federation Account from July to December 2023.
According to Shehu, out of the total gross revenue inflows into the Federation Account, N1.69 trillion was transferred to the Exchange Gain Differential Account, leaving a balance of N5.47 trillion for distribution.
He further explained that from the aforementioned amount, N3.26 trillion was deducted as approved statutory deductions by the OAGF (Office of the Accountant General of the Federation), resulting in a net balance of N2.21 trillion for distribution among the three tiers of government during the period under review.
The Chairman also clarified that out of the N3.26 trillion statutory deductions, N2.25 trillion was transferred to the Non-Oil Excess Account as savings, leaving a net statutory deduction of N1.02 trillion. Additionally, there were further augmentations for sharing among the three tiers of government, received from reserve accounts maintained by the Federal Ministry of Finance/OAGF.
The statement further indicated that during the period under review, a net sum of N4.00 trillion was shared with the three tiers of government. This amount is higher than the N3.07 trillion shared in the first half of 2023.
In terms of percentages, the Chairman emphasised 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. This is higher than the first half deductions of 42.31%, which includes the transfer to the Non-Oil Excess Account.
Regarding remittances by Revenue Generating Agencies (RGAs), the Chairman of RMAFC disclosed that the Nigerian National Petroleum Company Limited (NNPCL) remitted N874.64 billion in the second half of the year, compared to zero remittance in the first half. Similarly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted N1.57 trillion, while the Federal Inland Revenue Service (FIRS) remitted N3.65 trillion.
The Nigeria Customs Service (NCS) also remitted N1.22 trillion.