Agencies have paid in more than N1.5 trillion into the Federation Account in the first quarter of 20221, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced.
The Chairman of RMAFC, Elias Mbam, made this disclosure in Abuja during the submission of the Revenue Performance Report from the Post-Mortem Sub-Committee of the Federal Account Allocation Committee (FAAC).
A statement issued on Monday in Abuja by the Public Relations Officer of RMAFC, Nwachukwu Christian, said the report showed that the Federal Inland Revenue Service (FIRS) made the highest remittance of more than N759 billion.
The Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with more than N891 million.
Mbam further said that more than N496 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 representing 108.01 per cent for the period under review.
Speaking further, Mbam also said that the commission in collaboration with the Post-Mortem Sub Committee of FAAC, received outstanding arrears payment of N260 billion.
This is in addition to more than N845 billion that the Sub-Committee recovered in the 2020. He added that the commitment of the commission in its effort to increase revenue generation and equitable distribution of the accrued revenues to the three tiers of government.
(NAN)
