5.2 TRILLION NAIRA REVENUE ACCRUED INTO THE FEDERATION ACCOUNT FROM JANUARY TO JUNE 2023: RMAFC 20-09-23
By Sadiq Aminu The Revenue Mobilisation Allocation And Fiscal Commission (RMAFC) says that a total sum of five point two trillion naira has accrued into the Federation Account for the period January to June, 2023.
This is as captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN).
In a press statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu, the Commission says that out of the total gross revenue inflows into the Federation Account, the sum of Six hundred and twenty seven point billion naira was NNPCL JV Petroleum Profit Tax (PPT) due, captured and recorded by the FIRS, but utilized by the NNPCL for other FGN obligations.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of Eight hundred and twenty three point billion naira while the Federal Inland Revenue Service (FIRS) made a gross collection of Three point six trillion Naira but remitted Three point zero two trillion naira, retaining the difference as cost of collection.
The statement further disclosed that the Nigeria Customs Service (NCS) on its part remitted the sum of Seven hundred and sixty four point billion naira
It however, added that the Nigerian National Petroleum Company Limited (NNPCL) 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.
Furthermore, the statement adds that the sum of one point four trillion, naira was realized as Value Added Tax (VAT) while the sum of Eighty three point two billion Naira was realized from the Electronic Money Transfer Levy (EMTL).
Similarly, the report indicates that the sum of Sixteen point six billion Naira was realized from the solid minerals sector.