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RMAFC: Govt agencies remit N1.5 trn into federation purse

Revenue generating agencies of government remitted N1.5 trillion into federation purse in the first quarter of 2021, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) confirmed in a statement.

 

A statement issued by the commission’s Public Relations Officer, Nwachukwu Christian, quoted its Chairman, Engr. Elias Mbam, as confirming the figure while receiving a revenue performance report from the Post- Mortem Sub- Committee of the Federal Account Allocation Committee (FAAC) in Abuja.

 

The report, according to the statement, rated the Federal Inland Revenue Service as making the highest remittance of more than N759.857 billion, the Ministry of Mines and Steel Development (MMSD), was said to have surpassed its target for the quarter to net N2.4 billion.

 

Others, whose contributions brought funds into the account, include the Nigeria National Petroleum Corporations (NNPC) N47.530 billion; Department of Petroleum Resources (DPR) N452.510 billion and the Nigeria Customs Service (NCS) N275.654 billion.

 

Mbam further disclosed that more than N496.390 billion was also remitted into the 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 million, representing 108.01 per cent for the period under review.

 

On recoveries of outstanding arrears due to the account, the RMAFC chairman informed that the commission, in collaboration with the Post- Mortem Sub-Committee of FAAC, also received arrears of payments totaling more than N260.137 billion.

 

This is in addition to more than N845.123 billion that the sub- committee recovered in the year 2020.

 

He noted that RMAFC was committed in its effort to increasing revenue generation into the account and equitable distribution of the accrued revenue to the three tiers of government

 

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