FIRS, other revenue agencies remit N1.54tn to federation account

The Federal Government received a total of N1.54tn from its revenue generating agencies in the first quarter of 2021 with the Federal Inland Revenue Service making the highest remittance of over N759.86bn to the federation account.

Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Elias Mbam, disclosed this in Abuja while receiving a revenue performance report from the Post-Mortem Sub Committee of the Federal Account Allocation Committee (FAAC).

According to a statement from the commission, while the report showed that the FIRS made the highest remittance of more than N759.86bn, the Ministry of Mines and Steel Development also surpassed its target for the quarter with more than N891.3m.

It quoted Mbam as saying that more than N496.39bn was remitted into the federation account as Value-Added Tax (VAT) for the first quarter of the year.

This, he said, surpassed the targeted tax revenue by more than N36,803,760.80, representing 108.01 per cent, for the period under review.

On recovery of outstanding arrears due to the Federation Account, the RMAFC chairman said the commission, in collaboration with the Post-Mortem Sub-Committee of FAAC, also received arrears payments totalling more than N260.37bn.

This is in addition to more than N845.12bn which the sub-committee recovered in 2020.