From Adanna Nnamani, Abuja

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has disclosed that the total sum of N7.31 trillion accrued to the federation account between July  and December, 2023, as captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN). This amount is higher than the N5,244,037,636,561.60 realised in the first half of the year 2023.

In a statement signed by the RMAFC chairman, Mr. Mohammed Shehu, on Thursday, he said out of the total gross revenue inflows into the account, N1,692,591,243,111.06 was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5,475,345,228,675.47 for distribution.

He adds 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,” that is, revenues maintained by the Federal Ministry of Finance/OAGF.

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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 from 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 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).”

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.

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, and seven hundred and thirty-seven hundred and thirty-four kobo (N1,216,828,656,737.34).