Federation Account rakes in over N7trn July — Dec, 2023
The Revenue Mobilization Allocation and Fiscal Commission, RMAFC, has disclosed that N7.314trillion accrued to the Federation Account for the period July to December 2023, as captured in the monthly report to the Federation Account Allocation Committee, FAAC, by the Central Bank of Nigeria, CBN.
This came as RMAFC advocated that the cost of collection received by revenue-generating agencies should, henceforth, be tied to their performance as a way of increasing revenue generation and remittances.
The amount is higher than the N5.244trillion realized in the first half of the year 2023.
RMAFC Chairman, Mr. Mohammed Shehu, in statement in Abuja yesterday, said of the total gross revenue inflows into the Federation Account, the sum of N1.692 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.475trillion for distribution.
He added that from the amount, the sum of N3.267trillion, was deducted as approved statutory deductions by the Office of Accountant General of the Federation, OAGF, leaving a net balance of N2.208trillion for distribution to the three-tiers of government within the period under review.
He explained that out of the N3.267 trillion statutory deduction indicated above, N2.251 trillion was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016 trillion with further augmentations for sharing among the three-tiers of government received from some ‘reserve accounts,’ i.e., revenues maintained by the Federal Ministry of Finance/OAGF.
