N7.3tn remitted to Federation Account in H2 2023 – RMAFC

Onwubuke Melvin
Onwubuke Melvin

The Revenue Mobilization Allocation and Fiscal Commission has revealed that a total sum of N7.3tn was paid into the Federation Account between July and December 2023.

This disclosure was made in a press statement signed by the RMAFC Chairman, Mr Mohammed Bello Shehu on Thursday in Abuja, according to The Punch.

This disclosure shows that the amount reported by the commission is higher when compared to N5.24tn realised during the first half of the year 2023.

Shehu said that the sum of N1.69tn had been transferred to an Exchange Gain Differential Account, leaving a balance of $5.475 billion for distribution out of all gross revenue inflows in the Federation account.

According to him, the OAGF deducted the sum of N3.26tn as approved statutory deductions from the above amount, leaving a net balance of N2.2tn for the distribution to the three tiers of government in the period under review.

In addition, the chairman explained that out of the N3.267tn statutory deduction aforementioned, the sum of N2.251tn 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.”

Further, in the statement, a net amount of N4tn was shared to three t tiers of government during the period examined.

The RMAFC boss disclosed 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.

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 increment in the generated revenue was attributed to the removal of fuel subsidies as the citizens kept grappling with economic hardship.

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