The Revenue Mobilization Allocation And Fiscal Commission (RMAFC) has disclosed that the total sum of seven trillion, three hundred and fourteen billion, one hundred and Twenty nine million, three hundred and fourteen thousand, three hundred and eighty six Naira, eight Kobo (N7,314,129,314,386.08) has accrued into the Federation Account for the period 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”. This amount is higher than the sum of five trillion, two hundred and forty four billion, thirty seven million six hundred and thirty six thousand five hundred and sixty one Naira sixty Kobo (N5,244,037,636,561.60) realized in the first half of the year, 2023.

In a press statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu and distributed to newsmen in Abuja, the Commission reported on the total revenue that accrued into the Federation Account from July to December, 2023.

According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of one trillion, six hundred and ninety two billion, five hundred and ninety one million, two hundred and forty three thousand, one hundred and eleven Naira, six Kobo (N1,692,591,243,111.06) was transferred to the Exchange Gain Differential Account, thus leaving a balance of five trillion, four hundred and seventy five billion, three hundred and fifty five million, two hundred and twenty eight thousand, six hundred and seventy five Naira, forty seven Kobo (N5,475,345,228,675.47) for distribution.

He adds that from the amount stated above, the sum of three trillion, two hundred and sixty seven billion, three hundred and twelve million, one hundred and six thousand, nine hundred and ninety three Naira, twenty five Kobo (N3,267,312,106,993.25) was deducted as approved statutory deductions by the OAGF, leaving a net balance of two trillion, two hundred and eight billion, thirty three million, one hundred and twenty one thousand, six hundred and eighty two Naira, twenty two Kobo (N2,208,033,121,682.22) for distribution to the 3-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 3-tiers of government received from some “reserve accounts”, i.e., revenues maintained by the Federal Ministry of Finance/OAGF.

The Statement adds that within the period under review, the net sum of four trillion, six hundred and sixteen million, two hundred and seven thousand, one hundred and fifty two Naira, ninety five Kobo  (N4,000,616,207,152.95) was shared to the 3-tiers of government, an amount higher than the total sum of  three trillion, sixty nine billion, five hundred and ninety four million, eight hundred and eighty nine thousand, six hundred and sixty nine Naira, seventy four Kobo (N3,069,594,889,669.74) shared to the 3-tiers of government in the period 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 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 eight hundred and seventy four billion, six hundred and forty five million, one hundred and forty five thousand, seven hundred and four Naira, thirty Kobo (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  one trillion, five hundred and sixty eight billion, nine hundred and sixty one thousand Six hundred and sixteen thousand, nine hundred and twenty Naira ninety nine Kobo (N1,568,961,616,920.99) while the Federal Inland Revenue Service (FIRS) remitted the sum of three trillion, six hundred and fifty three billion, six hundred and ninety three million, eight hundred and ninety five thousand, twenty three Naira, forty five kobo (N3,653,693,895,023.45). On its part, the Nigeria Customs Service (NCS) remitted the sum of one trillion, two hundred and sixteen billion, eight hundred and twenty eight  million, six hundred and fifty six thousand, seven hundred and thirty seventy Naira thirty four Kobo (N1,216,828,656,737.34).

Mr. M.B. Shehu