FG’s revenue agencies generated over N1.5trn in Q1, 2021, says RMAFC
Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) yesterday, disclosed that the Federal Government’s revenue generating agencies in the country made total remittances of more than N1.5 trillion into the federation account during the first quarter of 2021.
Chairman of the Commission, Elias Mbam, stated this while receiving a Revenue Performance Report from the Post- Mortem Sub-Committee of the Federal Accounts Allocation Committee (FAAC) in Abuja.
The report revealed that the Federal Inland Revenue Service (FIRS) made the highest remittance of more than N759, 857,249,035.40 while the Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with more than N891, 283,620.04.
Mbam further disclosed that more than 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 him, surpassed the targeted tax revenue by more than N36, 803,760.80 representing 108.01 per cent of the target for the period under review.
On recoveries of outstanding arrears due to the Federation Account, the RMAFC Chairman informed that the Commission, in collaboration with the Post- Mortem Sub- Committee of FAAC also received arrears of payments totalling more than N260,137,577,128.0
“This is in addition to more than N845,123,857,566.32 that the Sub- Committee recovered in the year 2020” RMAFC PRO, Nwachukwu Christian, said in a statement.
Mbam noted that RMAFC is 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.
SOURCE: THE SUN