Federal Govt Records N5.2trn Revenue In 6 Months-RMAFC

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The sum of N5.244 trillion accrued into the federation account between January and June, 2023 as captured in the monthly report to the Federation Account Allocation Committee (FAAC) domiciled in the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement.”
Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Mr. Mohammed Bello Shehu made the disclosure yesterday in a statement he issued in Abuja.
Mr Shehu said out of the total gross revenue inflows into the federation account, the sum of N627.3 billion was the NNPC JV petroleum profit tax due, captured and recorded by the FIRS, but utilised by the NNPC for other government obligations.
From the reports, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N823.512 billion while the FIRS made a gross collection of N3.655 trillion, but remitted N3.1 trillion, retaining the difference as cost of collection.
The statement further disclosed that Nigeria Customs Service (NCS) on its part remitted the sum N764.6 3 billion.
It however, added that NNPC did not remit any amount into the federation account during the period either as profit revenue or other revenues as contained in the Petroleum Industry Act (PIA), 2021 as its revenue performance could not be assessed because neither its revenue target was disclosed nor its revenue remittance to the federation account was provided.


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