FG Generated 1.54tn in Q1, Says RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Monday said a total sum of N1.54 trillion was generated by revenue agencies into the federation account in the first quarter of the year (Q1 2021).

The Chairman of the commission, Mr. 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 further showed that the Federal Inland Revenue Service (FIRS) generated N759.86 billion, representing the highest remittance for the period under review.

Mbam added that the Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with over N891.28 million.

He further disclosed that over N496.39 billion was remitted into the federation account as value added tax (VAT) for Q1, surpassing the targeted tax revenue by over N36.80 million, representing an increase of 108.01 per cent for the period.

On recoveries, the RMAFC boss also stated that the sum of N260.13 billion was received as arrears payments for the period, adding that N845.12 billion was recovered by the sub-committee for 2020.

In a statement by the Public Relations Officer (PRO), RMAFC, Mr. Nwachukwu Christian, Mbam reiterated the commitment of the commission to increasing revenue generation into the federation account as well as equitable distribution of the accrued revenues to the three tiers of government.