The FG disclosed that revenue-generating agencies remitted over N1.5 trillion to the Federation account in Q1 2021.
This was disclosed in a statement by Mr Elias Mbam, Chairman Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), on Monday.
The agency disclosed that the Federal Inland Revenue Service (FIRS) made the highest remittance of over N759 billion. VAT remitted into the Federation Account for the period was over N496 billion according to the statement.
Meanwhile, outstanding arrears payment for the period was N260 billion for FAAC in addition to more than N845 billion that the Sub-Committee recovered in 2020.
Other milestones include the Ministry of Mines and Steel Development (MMSD) surpassing its target for the quarter with over N891 million.
What you should know
Nairametrics reported that the Fiscal Responsibility Commission (FRC) stated that Ministries, Departments and Agencies (MDAs) are illegally holding N1.2 trillion, citing failure to remit 80% of operating surpluses to the Consolidated Revenue Funds (CRF) of the Federal Government in line with the Fiscal Responsibility Act.
