Between January and March this year, the revenue generating agencies in the country paid over N1.5trn into the Federation account during the first quarter of this year, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said.
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 Federal Account Allocation Committee (FAAC) in Abuja recently.
The Federation Account is currently being managed on a legal framework that allows funds to be shared under three major components.
They are statutory allocation, Value Added Tax distribution; and allocation made under the 13 per cent derivation principle.
The report revealed that the Federal Inland Revenue Service made the highest remittance of N759.85bn while Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with N891.283m.
Mbam further disclosed that about N496. 39bn was also remitted into the federation account as Value Added Tax for the first quarter of 2021.
This, according to him, surpassed the targeted tax revenue by N36.8bn representing 108.01 per cent for the period under review.
On recoveries of outstanding arrears due to the Federation Account, the RMAFC Chairman explained that the Commission in collaboration with the Post- Mortem Sub- Committee of FAAC also received an arrears payments totalling N260.13bn.
This is in addition to more than N845.12bn that the Sub- Committee recovered last year.
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.