Head Topics

N7.3tn remitted to Federation Account in Q2 2023 amid revenue increase

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 25 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 59%

Federation Account News

Q2 2023,RMAFC

The Revenue Mobilization Allocation and Fiscal Commission has said that N7.3 trillion was remitted into the Federation Account in the last six months of 2023, indicating an increased revenue inflow. RMAFC Chairman, Mr Mohammed Bello Shehu, disclosed this in a statement on Thursday.

He stated that the amount the Federation Account Allocation Committee shared was remitted to the Central Bank of Nigeria under the caption 'CBN Federation Account Component Statement'. The commission reported that the amount is higher than the N5.24 trillion realised during the first half of 2023. According to Shehu, out of the total gross revenue inflows into the Federation Account , N1.69 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.

On remittances by Revenue Generating Agencies, the RMAFC boss disclosed that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited remitted N874 64bn in the second half of the year as against the zero-remittance made in the first half of the year. Accordingly, the Nigerian Upstream Petroleum Regulatory Commission also remitted the sum of N1.56tn, while the Federal Inland Revenue Service remitted the sum of N3.65tn.

Q2 2023 RMAFC

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

N7.3trn accrued to Federation Account in H2 of 2023, says RMAFCThe Nation Newspaper N7.3trn accrued to Federation Account in H2 of 2023, says RMAFC
Source: TheNationNews - 🏆 6. / 69 Read more »

‘N7.3tr accrued to Fed Account in H2 of 2023’The Nation Newspaper ‘N7.3tr accrued to Fed Account in H2 of 2023’
Source: TheNationNews - 🏆 6. / 69 Read more »

Nigeria Football Federation Chooses Centres for 2024 Federation Cup National Play-offThe Nigeria Football Federation (NFF) has selected Gombe, Jos, Katsina, Asaba, and Enugu as the centres for the 2024 Federation Cup national play-off, starting on Thursday. Over 70 entries were received from the states, with 12 teams selected for the play-off and the remaining 58 teams on standby.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

Nasarawa will contribute to federation account through Agriculture, MiningGovernor Abdullahi Sule of Nasarawa State has said his administration's strategy is to bolster the state's contribution to the federation account through the development of agriculture and mining sectors.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

NAICOM: insurers surpass N1 trillion gross premiums in Q4 2023The Nation Newspaper NAICOM: insurers surpass N1 trillion gross premiums in Q4 2023
Source: TheNationNews - 🏆 6. / 69 Read more »

IWD: Journalist hosts luncheon for women in honour of WigweMs Ngwube said she was inspired by an event by Access Bank in 2023 for IWD.
Source: PremiumTimesng - 🏆 3. / 78 Read more »