By Olusegun Olanrewaju
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that the total sum of N7.314bn accrued into the Federation Account for the period July to December 2023.
This, it said, 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’.
This Commission notes that the amount is higher than the sum of N5.244trn realised in the first half of the year 2023.
In a press statement signed by RMAFC chairman, Mohammed Bello Shehu, and distributed to newsmen in Abuja, the Commission also reported on the total revenue that accrued into the Federation Account from July to December 2023.
According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of N1.69trn was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.475trn for distribution.
He added that, from the amount stated above, the sum of N3.267trn was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2.2trn for distribution to the three tiers of government within the period under review.
The chairman further explained that, out of the N3.267trn statutory deduction indicated above, the sum of N2.251trn was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016trn, with further augmentations for sharing among the three tiers of government received from some ‘reserve accounts.
The statement adds that within the period under review, the net sum of N4trn was shared with the three tiers of government, an amount higher than the total sum of N3.069trn shared with the three tiers of government in the period January to June 2023.
In terms of percentages, the 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).”
