The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that the total sum of N7,314,129,314,386.08 has accrued into the Federation Account for the period July to December 2023.
This is 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”.
RMAFC said this amount is higher than the sum of N5,244,037,636,561.60 realised in the first half of the year 2023.
In a statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu, in Abuja, Thursday, the Commission reported on the total revenue that accrued into the Federation Account from July to December 2023.
According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of N1,692,591,243,111.06 was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5,475,345,228,675.47 for distribution.
He added that from the amount stated above, the sum of N3,267,312,106,993.25 was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2,208,033,121,682.22 for distribution to the 3-tiers of government within the period under review.
The Chairman further explained that out of the N3.267 trillionstatutory deduction indicated above, the sum of N2.251 trillion was transferred to the Non-Oil Excess