RMAFC says More than N1.5trn hit Federation Account in Q1 2021.
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that the revenue generating agencies in the country made a total remittance of more than 1.5 trillion (N1, 538,021,801,518.37) naira into the Federation account during the first quarter of 2021.
The Chairman of the Commission Engr. Elias Mbam disclosed this in Abuja while receiving a Revenue Performance report from the Post- Mortem Sub Committee of the Federal Account Allocation Committee (FAAC) in Abuja recently.
The report revealed that the Federal Inland Revenue Service made the highest remittance of more than seven hundred and fifty nine billion eight hundred and fifty seven million (N759, 857,249,035.40) naira while Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with more than eight hundred and ninety one million naira (N891, 283,620.04).
Engr. Elias Mbam further disclosed that more than four hundred and ninety six billion three hundred and ninety (N496, 390,010, 655.56) naira was also remitted into the Federation account as value added tax (VAT) for the first quarter of 2021. This, according to him, surpassed the targeted tax revenue by more than thirty six billion eight hundred and three million (N36, 803,760.80) naira representing 108.01% 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 an arrears payments totaling more than two hundred and sixty billion one hundred and thirty seven million (N260,137,577,128.01) naira. This is in addition to more than eight hundred and forty five billion one hundred and twenty three million (845,123,857,566.32) naira that the Sub- Committee recovered in the year 2020.
Engr. 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.