Revenue generating agencies remit N1.538tr to FAAC in Q1 2021

In the first three months of fiscal year 2021, revenue-generating agencies in the country remitted the sum of N1.538 trillion into the Federation Account, which was distributed among the three tiers of government at the monthly Federation Account Allocation Committee [FAAC] meetings.

The Chairman of the Revenue Mobilization Allocation Commission [RMAFC], Elias Mbam, whose Commission monitors revenue accretion and distribution in the country, disclosed this in Abuja yesterday, while receiving a revenue performance report from the post-mortem sub committee of the FAAC.

The report indicated that the Federal Inland Revenue Service [FIRS] made the highest remittance of more than N1 trillion comprising N759.85 billion from Companies Income Tax and other classes of taxation and another sum of N496.390 billion from the Value Added Tax (VAT).

Mbam stated that the Ministry of Mines and Steel Development (MMSD) surpassed its target for the quarter with more than N891. 283 million to remit N2.469 billion.

The Nigerian National Petroleum Corporation (NNPC) made a contribution of N47. 530 billion, the Nigerian Customs Service (NCS), N275.654 billion, while the Department of Petroleum Resources (DPR) remitted N452.510 billion.

The outcome showed that non-oil revenue; particularly taxes, have overtaken oil minerals resources as mainstay of Nigeria’s revenue earner.

Last April, the NNPC reported a zero revenue remittance to the Federation Account, citing huge suns of monies spent on subsiding petroleum products imported into the country to keep the pump price of petrol within the reach of most Nigerians.

Mbam said recoveries of outstanding arrears due to the federation account, formed part of the remittances to the account during the period under review, adding that N260.137 million was recovered and paid into the account.

It would be recalled that a whopping sum of N845.123 billion was recovered from revenue agencies last year alone as withheld revenue to the Federation Account.