N1.53 trillion was remitted into the Federation Account in the first three months of year 2021, the Chairman of the Revenue Mobilization Allocation Commission, Elias Mbam, revealed on Monday.
Mbam, whose commission monitors revenue accretion and distribution in the country, disclosed this in Abuja while receiving a revenue performance report from the post-mortem sub committee of the FAAC.
The report indicated that the Federal Inland Revenue Service 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.
Mbam stated that the Ministry of Mines and Steel Development surpassed its target for the quarter with more than N891.283 million to remit N2.469 billion.
The Nigerian National Petroleum Corporation made a contribution of N47. 530 billion, the Nigerian Customs Service, N275.654 billion, while the Department of Petroleum Resources remitted N452.510 billion.