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The Revenue Mobilisation Allocation And Fiscal Commission (RMAFC) has disclosed that the total sum of N5,244,037,636,561.60 (Five trillion, two hundred and forty four billion, thirty seven million, six hundred and thirty six thousand, five hundred and sixty one Naira, sixty Kobo) accrued to the Federation Account in the first half (from January to June) of 2023.
This is 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.”
According to a statement personally signed by the RMAFC Chairman, Mohammed Bello Shehu, out of the total gross revenue inflows to the Federation Account, the sum of N627,301,922,426.35 (Six hundred and twenty seven billion, three hundred and one million, nine hundred and twenty two thousand, four hundred and twenty six Naira, thirty five Kobo) was NNPCL JV Petroleum Profit Tax (PPT) due, captured and recorded by the FIRS, but utilised by the NNPCL for other FGN obligations.
According to the statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N823,512,065,893.15 (Eight hundred and twenty three billion, five hundred and twelve million, sixty five thousand, eight hundred and ninety three Naira, fifteen Kobo) while the Federal Inland Revenue Service (FIRS) made a gross collection of N3,655,894,989,129.28 (Three trillion, six hundred and fifty five billion, eight hundred and ninety four million, nine hundred and eighty nine thousand, one hundred and twenty nine naira, twenty eight kobo) but remitted N3,028,593,066,702.93 (Three trillion, twenty eight billion, five hundred and ninety three million, sixty six thousand, seven hundred and two naira, ninety three kobo) 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 (Seven hundred and sixty four billion, six hundred and thirty million, five hundred and eighty one thousand, five hundred and thirty nine Naira, seventeen Kobo).
The statement added that the sum of N1,490,946,180,918.52 (One trillion, four hundred and ninety billion, nine hundred and forty six million, one hundred and eighty thousand, nine hundred and eighteen Naira, fifty two Kobo was realized as Value Added Tax (VAT) while the sum of N83,024,395,855.89 (Eighty three billion, twenty four million, three hundred and ninety five thousand, eight hundred and fifty five Naira, eighty nine Kobo) was realised from the Electronic Money Transfer Levy (EMTL) from which the sum of N3,320,975,834.23 (Three billion, three hundred and twenty million, nine hundred and seventy five thousand, eight hundred and thirty four Naira, twenty three Kobo) was paid to FIRS as cost of collection.
“Additionally, the FIRS received the sum of N82,031,796,937.01 (Eighty two billion, thirty one million, seven hundred and ninety six thousand, nine hundred and thirty seven Naira, One Kobo) and N3,320,975,834.23 (Three billion, three hundred and twenty million, nine hundred and seventy five thousand, eight hundred and thirty four Naira, twenty three Kobo) 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 the sum of N59, 593,164,213.83 (Fifty nine billion, five hundred and ninety three million, one hundred and sixty four thousand, two hundred and thirteen Naira, eighty three Kobo) as cost of collection within the period under review,” the statement read in part.
Similarly, the report indicated that the sum of N16, 680,990,990.93 (Sixteen billion, six hundred and eighty million, nine hundred and ninety thousand, nine hundred and ninety Naira, Ninety three Kobo) was realised from the solid minerals sector.
On the statutory allocations to the three tiers of government, Mr. Bello disclosed that the net sum of N3,069,594,889,669.74 (Three trillion, sixty nine billion, five hundred and ninety four million, eight hundred and eighty nine thousand, six hundred and sixty nine Naira, seventy four Kobo was shared to the federal, state and local governments in the period from January to June, 2023.
In the area of payment of cost of collection to Revenue Generating Agencies (RGAs) from the Federation Account component, the statement revealed that the NCS received the sum of N53,524,140,707.73 (Fifty three billion, five hundred and twenty four million, one hundred and forty thousand, seven hundred and seven Naira, seventy three Kobo) while the NUPRC received the sum of N33,961,852,403.53 (Thirty three billion, nine hundred and sixty one million, eight hundred and fifty two thousand, four hundred and three Naira, fifty three Kobo) within the period under review.
The statement added that the sum of N48,105,698,218.35 (Forty eight billion, one hundred and five million, six hundred and ninety eight thousand, two hundred and eighteen Naira, thirty five Kobo) was paid to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
“This money was collected by NUPRC as a penalty on gas flared. Revenues on gas flared penalty used to be Federation Account revenues before the PIA, 2021 which provided that such revenues should be paid 100% to the NMDPRA,” the statement noted.
