The federation account swelled by N5,244,037,636,561.60 over a six month period, from January to June 2023.
This is according to the Revenue Mobilisation Allocation And Fiscal Commission (RMAFC).
The figure 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’.
RMAFC Chairman, Mohammed Bello Shehu, in a statement on Wednesday, said out of the total gross revenue inflows into the Federation Account, the sum of N627,301,922,426.35 was NNPCL JV Petroleum Profit Tax (PPT) due, captured and recorded by the FIRS, but utilised by the NNPCL for other FGN obligations.
The statement further indicated that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N823,512,065,893.15 while the Federal Inland Revenue Service (FIRS) made a gross collection of N3,655,894,989,129.28 but remitted N3,028,593,066,702.93 retaining the difference as cost of collection.