By Adaobi Rhema Oguejiofor
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that even as Nigeria battles low fund challenges, N5.2 trillion has accrued into the federation account from the period of January to June this year.
The Commission, which revealed this on Wednesday, stated that the Agencies that generated the money include the Nigeria Customs Service (NCS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service(FIRS).
According to RMAFC, the Nigerian National Petroleum Company Limited (NNPC) Limited 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, noting that this is because its revenue performance could not be assessed since its revenue target was not disclosed and its revenue remittance to the federation account was not provided.
In a statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu, out of the total gross revenue inflows into the federation account, N627 billion was from NNPCL Joint Venture (JV) Petroleum Profit Tax (PPT) due, captured and recorded by FIRS but utilized by NNPCL for other federal government’s obligations.
According to the statement, NUPRC remitted the sum of N823 billion, while FIRS made a gross collection of N3.6 trillion but remitted N3 trillion, retaining the difference as cost of collection and NCS on its part, remitted the sum N764 billion.