The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has released data indicating that a substantial sum of N5,244,037,636,561.60 has flowed into the Federation Account from January through June. Nevertheless, the RMAFC has expressed its opposition to the practice of deducting 32.27 percent of this revenue for the benefit of Revenue Generating Agencies (RGAs).
Mr. Mohammed Bello Shehu, Chairman of RMAFC, conveyed this stance in an official statement, revealing that the Central Bank of Nigeria (CBN) presented these figures as part of the monthly report to the Federation Account Allocation Committee (FAAC).
Shehu noted that a variety of government agencies made contributions to this revenue pool, with prominent players including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), and the Nigeria Customs Service (NCS). The statement emphasized that a significant portion of the revenue was derived from Value Added Tax (VAT) and the exploitation of solid minerals.
However, the statement raised a notable concern, stating that “the Nigerian National Petroleum Company Limited (NNPCL) did not make any contributions to the Federation Account during this period, either in the form of profit revenue or other revenue, as stipulated in the Petroleum Industry Act (PIA), 2021.”
This absence of contribution from NNPCL was attributed to the unavailability of disclosed revenue targets and the lack of revenue remittances to the Federation Account, rendering it impossible to assess the company’s revenue performance.
