The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Elias Mbam, has stated that the commission recorded N496.39 billion contribution to the federation account through value-added tax (VAT) in the first quarter of 2021.
The figure according to the RMAFC chief exceeded the forecasted tax revenue by over N36.8 million, which marks a 108.01 percent jump in the period.
The commission’s public relations officer, Nwachukwu Christian, in a statement on Monday, noted that Mbam made this known in Abuja recently while receiving a revenue performance report from the post-mortem sub committee of the Federal Account Allocation Committee (FAAC).
In April, the Senate authorized an adjustment of the revenue target for the Federal Inland Revenue Service (FIRS) from N5.076 trillion in 2020 to N7.61 in 2021. Out of the proposed total collection for 2021, N5.645 trillion is expected from non-oil components, while N1.964 trillion is expected from oil components.
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The revenue performance report shows that Federal Inland Revenue Service (FIRS) made the highest remittance of N759.86 billion. Also, the Ministry of Mines and Steel Development (MMSD) exceeded its target for the quarter with N891.28 million.
All federal government revenue-generating agencies in the country made a total remittance ofN1.5 trillion into the federation account the first quarter of 2021.
On recoveries of outstanding arrears due to the federation account, the RMAFC chairman said N260.14 billion was received for the first quarter, and N845.12 billion was recovered for the year 2020.
The RMAFC Chairman stated that the commission is poised to improve the revenue generation into the federation account and equitable distribution of the accrued revenues to the three tiers of government.
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