The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that a total sum of N7,314,129,314,386.08 accrued into the Federation Account in fiscal year 2023.
The figures were contained in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) titled “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 that out of the total gross revenue inflows into the Federation Account, the sum of 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 to the tiers of government
He added that from the distributible amount, the sum of N3,267,312,106,993.25 was deducted as approved statutory deductions by the Office of the Accountant General of the Federation (OAGF), leaving a net balance of N2,208,033,121,682.22 for distribution to the three tiers of government.
The Chairman further explained that out of the N3.267 trillion statutory deduction, the sum of N2.251 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 3-tiers of government received from some “reserve accounts,” that is, revenues maintained by the Federal Ministry of Finance/OAGF.
Shehu clarified that during the fiscal year, the net sum of N4,000,616,207,152.95 was shared among the three tiers of government, an amount higher than N3,069,594,889,669.74 shared to them in half-year 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 the Non-Oil Excess Account).”
On remittances by Revenue Generating Agencies (RGAs), the RMAFC chairman 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, he added that 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.
In addition, the RMAFC boss disclosed that the Nigeria Customs Service (NCS) remitted the sum of N1,216,828,656,737.34 into the Federation Account in the fiscal year 2023.
