Between January and June 2023, a total of N5.244 trillion was deposited into the federation account, as reported in the monthly statement submitted to the Federation Account Allocation Committee (FAAC) and held in the Central Bank of Nigeria (CBN)….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

This statement is titled “CBN Federation Account Component Statement.

Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr. Mohammed Bello Shehu, disclosed this information in a statement issued in Abuja.

Mr. Shehu explained that out of the overall gross revenue inflow into the federation account, N627.3 billion represented the NNPC JV petroleum profit tax that was due.

This amount was recorded by the Federal Inland Revenue Service (FIRS) but was utilized by the NNPC for other government obligations.

According to the report, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted N823.512 billion, while the FIRS collected a total of N3.655 trillion but remitted N3.1 trillion, retaining the remaining portion as the cost of collection.

The statement further revealed that the Nigeria Customs Service (NCS) remitted N764.63 billion.

However, it was noted that during this period, the NNPC did not make any remittances into the federation account, whether as profit revenue or other revenues in accordance with the provisions of the Petroleum Industry Act (PIA) of 2021. The NNPC’s revenue performance was unassessed as neither its revenue target nor its remittances to the federation account were disclosed.