Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that revenue generating agencies in the country made a total remittance of N1.538 trillion into the federation account during the first quarter of 2021.
Chairman of the commission Engr. Elias Mbam made the disclosure in Abuja when he received revenue performance report from the post- mortem sub-committee of the Federal Account Allocation Committee (FAAC), according to a statement that was issued by the commission yesterday.
The report revealed that the Federal Inland Revenue Service made the highest remittance of N759.857 billion, while Department of Petroleum Resources (DPR) paid in N452.5 billion into the federation account.
Also, Nigeria Customs Service remitted the total sum of N275 billion as income to the central account, with the Nigerian National Petroleum Corporation (NNPC) remitting N47.53 billion in the first three months of the year.
Ministry of Mines and Steel Development remitted N2.5 billion, surpassing its target for the quarter.
Mbam said N496.4 billion 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 N36 million, representing 108.01 per cent 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 N260 billion. This is in addition to N845 billion that the Sub- Committee recovered in the year 2020.
Mbam said the revenue mobilisation is committed to increasing revenue generation into the federation account and equitable distribution of the accrued revenues to the three tiers of government.