Elias Mbam, chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), says value-added tax (VAT) contributed N496.39 billion to the federation account in the first quarter of 2021.
The remittance, according to him, surpassed the targeted tax revenue by more than N36.8 million, representing 108.01 percent jump in the period.
Nwachukwu Christian, the commission’s public relations officer, in a statement on Monday, said Mbam disclosed this in Abuja recently while receiving a revenue performance report from the post- mortem sub committee of the Federal Account Allocation Committee (FAAC).
Last month, the senate approved an upward review 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.
According to the revenue performance report, Federal Inland Revenue Service (FIRS) recorded the highest remittance of N759.86 billion, while the ministry of mines and steel development (MMSD) surpassed its target for the quarter with N891.28 million.
Overall, revenue-generating agencies in the country made a total remittance of N1.5 trillion into the federation account with the period.
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.
He said the RMAFC is committed to increase revenue generation into the federation account and equitable distribution of the accrued revenues to the three tiers of government.