Home » FINANCING » FIRS, NNPC others Paid N1.5 Trillion into Federation Account in Q1 of 2021- RMAFC

FIRS, NNPC others Paid N1.5 Trillion into Federation Account in Q1 of 2021- RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that the revenue-generating agencies in the country made a total remittance of N1, 538,021,801,518.37 into the Federation Account in the first quarter of 2021.

The Chairman of the Commission Engr. Elias Mbam disclosed this in Abuja while receiving a Revenue Performance report from the Post- Mortem Sub Committee of the Federation Account Allocation Committee (FAAC).

The report revealed that the Federal Inland Revenue Service made the highest remittance of N759, 857,249,035.40), while the Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with N891, 283,620.04 into government coffers.

Engr. Elias Mbam further disclosed that more N496, 390,010, 655.56 was also remitted into the Federation account as Value Added Tax (VAT) for the first quarter of 2021.

This, according to him, surpassed the targeted tax revenue by N36, 803,760.80 representing 108.01 percent for the period under review.

On recoveries of outstanding arrears due to the Federation Account, the RMAFC Chairman informed that the Commission in collaboration with the Post- Mortem Sub- Committee of FAAC also received arrears payments totaling N260,137,577,128.01. This is in addition to N845,123,857,566.32 that the Sub- Committee recovered in the year 2020.

Others whose contribution in the first quarter of 2021 brought funds into the federation account to N1.5 trillion include the Nigeria National Petroleum Corporations (NNPC) N47,530,659,945.90; Department of Petroleum Resources (DPR) N452,510,132,616.32; and the Nigeria Customs Service (NCS) N275,654,260,597.69

Engr. Mbam noted that RMAFC 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.

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