As Nigeria battles low fund challenges, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), yesterday disclosed that N5, 244,037,636,561.60 has accrued into the Federation Account for the period January to June this year.
The record is as 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.
In an issued statement signed by the RMAFC Chairman, Mohammed Bello Shehu, out of the total gross revenue inflows into the Federation Account, N627, 301,922,426.35 was from the Nigerian National Petroleum Company Limited (NNPCL) Joint Venture Petroleum Profit Tax (PPT) due, captured and recorded by the Federal Inland Revenue Service (FIRS), but utilised by the NNPCL for other federal governments obligations.
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.
The statement further disclosed that the Nigeria Customs Service (NCS) on its part remitted the sum N764, 630,581,539.17.
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 added that the sum of N1,490,946,180,918.52 was realised as Value-Added Tax (VAT) while N83,024,395,855.89 was realized from the Electronic Money Transfer Levy (EMTL), from which N3,320,975,834.23 was paid to the FIRS as cost of collection.
Additionally, the FIRS received N82, 031,796,937.01 as cost of collection on PPT/CIT and EMTL collections respectively in the period. The report revealed that on VAT, the FIRS/NCS together received N59, 593,164,213.83 as cost of collection within the period under review.
Similarly, the report indicates that N16, 680,990,990.93 was realized from the solid minerals sector. The RMAFC Chair further revealed that the net sum of N3, 069,594,889,669.74 was shared to the 3-tiers of Government in the period January to June, 2023, in accordance with the approved VAT sharing formula.
In a similar development, the RMAFC Chair described the statutory deductions which constituted 32.27% of the total gross inflow into the Federation Account in the six-month period as superfluous and constitute a drain on the Federation Account.
