Business News

Federation Account Accrued Over N5 Trillion In Six Months, Says RMAFC

Published

3 years ago

September 21, 2023

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.

Channels Television reports that 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, in a statement on Wednesday, 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.
-Channels