The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has said the sum of N7.3 trillion was remitted into the Federation Account over a six-month period (July-December 2023).
The amount shows that there was increased revenue inflow.
RMAFC Chairman, Mohammed Bello Shehu, in a statement, said the amount shared by the Federation Account Allocation Committee (FAAC) was remitted to the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement”.
He said the amount is higher than the N5.24 trillion realised during the first half of the year 2023.
Explaining further, the RMAFC, said out of the total gross revenue inflows into the Federation Account, the sum of N1.69 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.475 billion for distribution.
He added that from the amount stated above, the sum of N3.26 trillion was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2.2 trillion for distribution within the three tiers of government in 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 N1.016tn 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 trillion was shared within the three tiers of government.
In terms of percentages, the chairman said “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).”
Shehu further stated that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited remitted N874 64bn in the second half of the year as against the zero-remittance made in the first half of the year, just as the Nigerian Upstream Petroleum Regulatory Commission remitted the sum of N1.56tn while the Federal Inland Revenue Service remitted the sum of N3.65tn.
The government received a boost in its earnings following the removal of fuel subsidy and the unification of the foreign exchange market by the current administration.
