A total sum of N7.314 trillion accrued into the Federation Account between July and December 2023.
This was revealed by the Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Mohammed Shehu in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN)
This figure is higher than the N5.244trillion realized in the first half of the year.
In a press statement signed by RMAFC chairman, Mohammed Bello Shehu, the Commission disclosed that the figures were captured in in its “CBN Federation Account Component Statement”.
Out of the total gross revenue inflows, N1.692 trillion was transferred to the Exchange Gain Differential Account, leaving a balance of N5.475 trillion for distribution.
From the said amount, N3.267 trillion was deducted as approved statutory deductions by the Office of the Accountant General of the Federation (OAGF), resulting in a net balance of N2.208trillion for distribution to the three tiers of government.
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