The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that the revenue generating agencies in the country made a total remittance of over N1.5 trillion (N1,538,021,801,518.37) into the Federation Account during the first quarter of 2021.
The Chairman of the Commission, Elias Mbam, said this while receiving a revenue performance report from the Post-Mortem Sub Committee of the Federation Account Allocation Committee (FAAC) in Abuja.
According to a statement issued by the RMAFC spokesman, Nwachukwu Christian, the report revealed that of the total remittance during the first quarter, the Federal Inland Revenue Service (FIRS) made the highest remittance of over N759 billion (N759, 857,249,035.40) followed by the Department of Petroleum Resources (DPR) with N452,510,132,615.32.
The Nigeria Customs Service (NCS) came next with N275,654,260,597.69, while the Nigerian National Petroleum Corporation (NNPC) remitted N47,530,659,945.90.
The Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with over N891 million (N891,283,620.04) with a total remittance of N2,469,499,323.04.
The sum of N496,390,010,655.56 was also remitted into the Federation Account as Value Added Tax (VAT) in the first quarter of 2021.
This, according to Mbam, surpassed the targeted tax revenue by N36,803,760.80, representing 108.01 per cent for the period under review.
On recoveries of outstanding arrears due to the Federation Account, the RMAFC Chairman disclosed that the Commission in collaboration with the Post-Mortem Sub-Committee of FAAC also received arrears payments totaling N260,137,577,128.01.
This, he stressed, is in addition to more than N845 billion (N845,123,857,566.32) that the Sub-Committee recovered in 2020.
Mbam stated that RMAFC was committed in its effort to increasing revenue generation into the Federation Account and equitable distribution of the accrued revenues to the three tiers of government.
Revenue Agencies Remit N1.5tn to Federation Account in Q1
