Business
Federation Account Accrued Over N5tn In Six Months, Says RMAFC
Eko Hot Blog reports that The Revenue Mobilisation Allocation And Fiscal Commission (RMAFC) says a total of N5,244,037,636,561.60 has accrued into the Federation Account for the period between January and June 2023.
The figure was 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’.
The RMAFC Chairman, Mr Mohammed Bello Shehu said this in a statement.
He said out of the total gross revenue inflows into the Federation Account, the sum of N627,301,922,426.35 was NNPCL JV Petroleum Profit Tax (PPT) due, captured and recorded by the FIRS, but utilized by the NNPCL for other FGN obligations.
From the reports, according to the statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N823,512,065,893.15 while the Federal Inland Revenue Service (FIRS) made a gross collection of N3,655,894,989,129.28 but remitted N3,028,593,066,702.93 retaining the difference as cost of collection.
He said, “The Revenue Mobilisation Allocation And Fiscal Commission (RMAFC) has
disclosed that the total sum of N5,244,037,636,561.60 (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 has accrued into the Federation Account for the period January to June, 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”.
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 January to June, 2023.
According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of N627,301,922,426.35 (Six hundred and twenty seven billion, three hundredand one million, nine hundred and twenty two thousand, four hundred and twenty six.”
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