RMAFC remits N5.2trn to Federation Account in 6 months

The Revenue Mobilisation Allocation and Fiscal Commission (RAMFC), says it has remitted N5.2 trillion to the federation account in the last six months

A statement issued on Wednesday by RMAFC Chairman, Mr Mohammed Bello Shehu, in Abuja indicated that the figure was captured in accord with the report by the Federal Account Allocation Committee (FAAC).

He read: “The 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 has accrued into the Federation Account for the period January to June 2023 as 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.

“Out of the total gross revenue inflows into 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 utilized by the NNPCL for other FGN obligations.

“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.”

According to him, the Nigeria Customs Service (NCS) on its part remitted the sum of N764 billion during the period.

The commission, however, recommended that “All NNPCL JV PPT should be paid to the Federation Account through FIRS, i.e., such taxes should not be retained by the company in the name of financing FGN priority projects; and NNPCL should be made to remit promptly all revenues due to the Federation Account as at when due in compliance with the provisions of the PIA, 2021.”