The Revenue Mobilization Allocation and Fiscal Commission has revealed that a total sum of N7,314,129,314,386.08 accrued into theAccount between July and December 2023. This figure is higher than the N5,244,037,636,561.60 realized in the first half of the year.
According to Shehu, of the N3.267 trillion statutory deductions, N2.251 trillion was transferred to the Non-Oil Excess Account as savings, leaving a net statutory deduction of N1.016 trillion with further augmentations for sharing among the three tiers of government from some “reserve accounts” held by the Federal Ministry of Finance/OAGF.The statement also revealed that during the July to December 2023 period, a net sum of N4,000,616,207,152.95 was shared among the three tiers of government.
The significant increase in revenue generation and remittances by these agencies highlights the progress made in boosting national income and supports the government’s efforts to improve the country’s fiscal position. Shehu explained the rationale behind the proposal. “We strongly advocate that payment of the cost of collection to RGAs should be tied to revenue performance,” he stated. Under this system, each agency would receive a cost of collection that reflects the amount of revenue generated compared to their targets set in the Appropriation Act.
However, the report noted some shortcomings. NUPRC and NCS surpassed targets in only a few months, while underperforming in others. The RMAFC urged these agencies to improve consistency in achieving revenue targets.
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.
Source: TheNationNews - 🏆 6. / 69 Read more »
Source: TheNationNews - 🏆 6. / 69 Read more »
Source: TheNationNews - 🏆 6. / 69 Read more »
Source: TheNationNews - 🏆 6. / 69 Read more »
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Source: GuardianNigeria - 🏆 1. / 94 Read more »