N7.3tn remitted to Federation Account in six months – RMAFC

The Revenue Mobilization Allocation and Fiscal Commission has disclosed that a total sum of N7.3tn accrued into the Federation Account between July and December 2023, indicating an increased revenue inflow. It said the amount shared by the Federation Account Allocation Committee was remitted to the Central Bank of Nigeria under the caption “CBN Federation Account Component Statement”. In a press statement signed by the RMAFC Chairman, Mr Mohammed Bello Shehu (above), and made available to Jawasi on Friday in Lagos, the commission reported that the amount is higher than the N5.24tn realised during the first half of the year 2023. According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of N1.69tn was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.475bn for distribution. The government received a boost in its earnings following the removal of fuel subsidy and the unification of the foreign exchange market by the current administration. Although, these policies brought more money to government coffers, citizens are at the receiving end of the harsh economic realities.