FG Generated N1.54tn In Q1, Says RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission
(RMAFC) yesterday said a total sum of N1.54 trillion was collected
by revenue generating agencies into the federation account in the
first quarter of the year (Q1 2021).

Chairman of the commission, Mr. Elias Mbam disclosed this
yesterday while receiving a revenue performance report from the
Post- Mortem Sub-Committee of the Federal Account Allocation
Committee (FAAC).

The report further showed that the Federal Inland Revenue
Service (FIRS) generated N759.86 billion, representing the highest
remittance for the period under review.

It added that the Ministry of Mines and Steel Development (MMSD)
surpassed its target for the quarter with over N891.28 million.

Mbam further disclosed that over N496. 39 billion was remitted
into the federation account as value added tax (VAT) for Q1,
surpassing the targeted tax revenue by over N36.80 million,
representing an increase of 108.01 per cent for the period.

Further breakdown of contributions by revenue agencies to the
federation account showed that the Nigerian National Petroleum
Corporation (NNPC) accounted for N47.53 billion, while the
Department of Petroleum Resources (DPR) generated N452.51 billion
in Q1.

The Nigeria Customs Service (NCS) contributed N275.65 billion to
government within the review period.

On recoveries, the RMAFC boss also stated that sum of N260.13
billion was received as arrears payments for the period, adding
that N845.12 billion was recovered by the sub- committee for
2020.

In a statement issued by Public Relations Officer (PRO), RMAFC,
Mr. Nwachukwu Christian, Mbam reiterated the commitment of the
commission to increasing revenue generation into the federation
account as well as equitable distribution of the accrued revenues
to the three tiers of government.

In December, Mbam, had sought the cooperation of revenue
regulatory agencies in the commission’s current drive to recover
outstanding balances into the federation account.

Earlier in September, the commission announced plans to launch a
nationwide verification and reconciliation exercise on revenue
inflows and remittances from organisations to the appropriate
government treasury.

However, a meeting with heads of the revenue regulatory
agencies, he said it was important for the commission to acquaint
the various agencies with its mandate and activities and to seek
collaboration, particularly in its ongoing recovery efforts.

He said it is the responsibility of the commission to monitor
all the accruals of revenue to and from the federation account
while blocking leakages.

Mbam explained that in order to achieve the goal, the commission
has engaged the services of consultants as well as collaborated
with the Economic and Financial Crimes Commission (EFCC).

He stated that while inaugurating the new members of the
commission in 2019, President Muhammadu Buhari had charged them to
use all legal ways and means to strengthen its monitoring mechanism
and block all leakages of revenues to the federation account.

He said in pursuit of this and to ensure optimal results, the
commission deemed it necessary to collaborate with all the
regulatory agencies of revenue collecting agencies.

The Revenue Mobilisation Allocation and Fiscal Commission
(RMAFC) yesterday said a total sum of N1.54 trillion was collected
by revenue generating agencies into the federation account in the
first quarter of the year (Q1 2021).

Chairman of the commission, Mr. Elias Mbam disclosed this
yesterday while receiving a revenue performance report from the
Post- Mortem Sub-Committee of the Federal Account Allocation
Committee (FAAC).

The report further showed that the Federal Inland Revenue
Service (FIRS) generated N759.86 billion, representing the highest
remittance for the period under review.

It added that the Ministry of Mines and Steel Development (MMSD)
surpassed its target for the quarter with over N891.28 million.

Mbam further disclosed that over N496. 39 billion was remitted
into the federation account as value added tax (VAT) for Q1,
surpassing the targeted tax revenue by over N36.80 million,
representing an increase of 108.01 per cent for the period.

Further breakdown of contributions by revenue agencies to the
federation account showed that the Nigerian National Petroleum
Corporation (NNPC) accounted for N47.53 billion, while the
Department of Petroleum Resources (DPR) generated N452.51 billion
in Q1.

The Nigeria Customs Service (NCS) contributed N275.65 billion to
government within the review period.

On recoveries, the RMAFC boss also stated that sum of N260.13
billion was received as arrears payments for the period, adding
that N845.12 billion was recovered by the sub- committee for
2020.

In a statement issued by Public Relations Officer (PRO), RMAFC,
Mr. Nwachukwu Christian, Mbam reiterated the commitment of the
commission to increasing revenue generation into the federation
account as well as equitable distribution of the accrued revenues
to the three tiers of government.

In December, Mbam, had sought the cooperation of revenue
regulatory agencies in the commission’s current drive to recover
outstanding balances into the federation account.

Earlier in September, the commission announced plans to launch a
nationwide verification and reconciliation exercise on revenue
inflows and remittances from organisations to the appropriate
government treasury.

However, a meeting with heads of the revenue regulatory
agencies, he said it was important for the commission to acquaint
the various agencies with its mandate and activities and to seek
collaboration, particularly in its ongoing recovery efforts.

He said it is the responsibility of the commission to monitor
all the accruals of revenue to and from the federation account
while blocking leakages.

Mbam explained that in order to achieve the goal, the commission
has engaged the services of consultants as well as collaborated
with the Economic and Financial Crimes Commission (EFCC).

He stated that while inaugurating the new members of the
commission in 2019, President Muhammadu Buhari had charged them to
use all legal ways and means to strengthen its monitoring mechanism
and block all leakages of revenues to the federation account.

He said in pursuit of this and to ensure optimal results, the
commission deemed it necessary to collaborate with all the
regulatory agencies of revenue collecting agencies.