The Nigerian government generated more than N1.5 trillion from the various revenue-generating agencies in the first quarter of 2021.
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) made this disclosure in a statement by its spokesman, Christian Nwachukwu, on Monday.
Nwachukwu said the figure was revealed by the chairman of the commission, Elias Mbam while receiving a Revenue Performance report from the Post-Mortem Sub Committee of the Federal Account Allocation Committee (FAAC) in Abuja recently.
Mbam disclosed that the report showed that the Federal Inland Revenue Service (FIRS) made the highest remittance of nearly N760 billion while the Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with more N891 million.
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The chairman further disclosed that more than N496 billion was remitted into the Federation Account as value-added tax (VAT) for the first quarter of 2021. This, he said, surpassed the targeted tax revenue by more than N36 billion representing 108.01 percent for the period under review.
On recoveries of outstanding arrears due to the Federation Account, Mbam said that the Commission in collaboration with the Post-Mortem Sub-Committee of FAAC also received arrears payments totalling more than N260 billion. This, he said, is in addition to more than N845 that the Sub-Committee recovered in the year 2020.
The RMAFC chairman noted that the commission is “committed in its effort to increasing revenue generation into the Federation account and equitable distribution of the accrued revenues to the three tiers of government”.
