FG generates N7.3trn revenue in 5 months

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that the total sum of N7,314,129,314,386.08 accrued into the federation account between July and December 2023.

The RMAFC disclosed this in a statement issued by its Chairman, Mohammed Shehu, on Thursday, April 18, 2024.

Shehu noted that the amount was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN).

According to him, the amount is higher than the sum of N5.2 trillion realised in the first half of the year 2023.

Shehu noted that out of the total gross revenue inflows into the federation account, N1.6 trillion was transferred to the Exchange Gain Differential Account, leaving a balance of N5.4 trillion for distribution.

He added that from the amount, N3.2 trillion was deducted as approved statutory deductions by the Office of the Accountant General of the Federation (OAGF), leaving a net balance of N2.2 trillion for distribution to the three tiers of government within the period under review.

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The RMAFC boss further explained that out of the N3.2 trillion statutory, the sum of N2.2 trillion was transferred to the non-oil excess account as savings, 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”, revenues maintained by the Federal Ministry of Finance/OAGF.

Shehu added that within the period under review, N4 trillion was shared with the three tiers of government, an amount higher than the total sum of N3 trillion shared to the three tiers of government in January to June 2023.

In terms of percentages, the RMAFC 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 N874.6 billion in the second half of the year as against the zero-remittance made in the first half of the year.

He said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted N1.5 trillion, the Federal Inland Revenue Service (FIRS) remitted the sum of N3.6 trillion, while the Nigeria Customs Service (NCS) remitted N1.2 trillion.

The Star