The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Monday disclosed that a total sum of N1.54 trillion was generated by revenue agencies and ministries, departments and agencies (MDAs) into the federation account in the first quarter of this year.
A statement by the commission’s Public Relations Officer (PRO), Mr. Nwachukwu Christian, indicated that the Chairman, Mr. Elias Mbam, made the disclosure when he received a Revenue Performance Report from the Post-Mortem Sub Committee of the Federal Account Allocation Committee (FAAC).
According to him, the report showed that the Federal Inland Revenue Service (FIRS) generated N759.86 billion, representing the highest remittance by any agency during the quarter.
This is even as the RMAFC boss said that the Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with over N891.28 million.
Mbam further disclosed that over N496.39 billion was remitted into the federation account as value added tax (VAT) during the quarter, surpassing the targeted tax projection by over N36.80 million, or 108.01 percent.
Commenting on revenue recoveries, the RMAFC boss said that the sum of N260.13 billion was received as arrears payments for the period while N845.12 billion was recovered by the sub-committee for 2020.
He reiterated the commission’s commitment to improved revenue generation into the federation account and equitable distribution of the accrued revenues to the three tiers of government.