The Federation Accounts Allocations Committee (FAAC) reported that the total amount unremitted by Revenue Generating Agencies to the Federal Government has risen to N4.1 trillion as of June 2024.
This increase occurred despite the agencies reconciling and paying off N94.96 billion in outstanding debts in May 2024.
A report signed by Mohammed Shehu, the Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission, after a meeting of the FAAC post-mortem sub-committee, reveal that the unresolved sum includes $165,067,714.53 and N3,917,340,180,696.84.
The report detailed the debts owed by various agencies, highlighting that the Nigerian National Petroleum Company Limited (NNPC) owes N940.62 billion, while the Nigerian Upstream Petroleum Regulatory Commission and NNPC together owe $23.81 million and N1.94 trillion.
Additionally, the Federal Inland Revenue Service and NNPC have unresolved remittances totaling $141.25 million and N1.04 trillion, with the Ministry of Solid Minerals Development and the Central Bank of Nigeria also owing N48.75 million.
During the June meeting, the Vice President of the Post-Mortem Sub-committee, Kabir Mashi, stated that the outstanding amounts are still under reconciliation with the relevant agencies.
The FAAC is responsible for distributing allocations from generated revenues into various accounts designated for specific sectors. The latest reconciliation meeting revealed that the unresolved amount due to the Federation Account stands at $165,067,714.53 and N3,917,340,180,696.84.
The report also noted that from January to May 2024, the government successfully recovered a cumulative outstanding amount of N537.35 billion.
However, substantial amounts remain unresolved, with ongoing efforts to ensure these debts are settled promptly.
