FG Revenue Agencies Remit N1.54tr In Q1

The Revenue Mobilisation Allocation and Fiscal Commission has disclosed that a total of N1.54 trillion revenue was remitted by the revenue-generating agencies of the federal government of Nigeria.

In a statement by the RMAFC, the revenue was remitted into the federation account in the first quarter of 2021.

The Chairman of the Commission, Engr. Elias Mbam, disclosed this while receiving a Revenue Performance report from the Post-Mortem Sub Committee of the Federal Account Allocation Committee (FAAC).

The report revealed that the Federal Inland Revenue Service made the highest remittance of more than N759.86 billion while the Ministry of Mines and Steel Development surpassed its target for the quarter with more than N891.3 million.

Mbam further disclosed that more than N496.39bn 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 N36,803,760.80, representing 108.01%, for the period under review.

Also, on recoveries of outstanding arrears due to the Federation Account, the RMAFC chairman said the commission, in collaboration with the Post-Mortem Sub-Committee of FAAC, also received arrears payments totalling more than N260.37bn.

This is in addition to more than N845.12bn which the sub-committee recovered in 2020.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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