Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Mr. Mohammed Bello Shehu made the disclosure yesterday in a statement he issued
The statement that was issued yesterday revealed that the sum of N1.49 trillion was realised as Value Added Tax while the sum of N83 billion was realised from electronic money transfer levy from which the sum of N3.32 billion was paid to FIRS as cost of collection.
The RMAFC chair further revealed that total collections from VAT netted the sum of N1.387 trillion which was shared to the three-tiers of government in accordance with the approved VAT sharing formula. A breakdown of the figures on cost of collection by revenue generating agencies of the government showed that Nigeria customs got N53.524 billion while the NUPRC received the sum of N33.961 billion within the six months period.
The RMAFC chair described the statutory deductions which constituted 32.27 percent of the total gross inflow into the federation account in the six month period as superfluous and constitute a drain on the federation account. According to the statement, the commission made recommendations on the operations and management of the federation account with particular reference to: payment of cost of collection to revenue generating agencies which it said should be tied to revenue performance where each agency should receive cost of collection commensurate to the revenue generated against its revenue target in the Appropriation Act.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Don’t Lose Sleep Over Fresh Labour Strike, Federal Govt Tells NigeriansIn a bid to prevent the looming indefinite strike, minister of labour and employment, Simon Lalong, has expressed optimism that the issues at stake would be
Read more »
Adedeji Assumes Office, Promises 18% Tax-to-GDP RatioActing chairman of the Federal Inland Revenue Service, Mr. Zacch Adedeji has resumed office as head of the revenue agency with an audacious aspiration - to
Read more »
FIRS revenue collection hits N8.5tr, hopeful of meeting N12tr 2023 target | The Guardian Nigeria NewsThe Federal Inland Revenue Service (FIRS) has expressed optimism about achieving its N12 trillion revenue target for the year, having realised N8.5 trillion as of mid-September.
Read more »
Absence of central monitoring system affecting revenue drive- Lottery Commission DGThe Director-General, National Lottery Regulatory Commission, Lanre Gbajabiamila, has lamented the lack of a central monitoring system for the lottery sector in Nigeria.
Read more »
'$24bn crude revenue, N1trn subsidy cost' — highlights of NEITI's oil, gas reportThe Nigeria Extractive Industries Transparency Initiative (NEITI), on Monday, unveiled its 2021 oil and gas report, which provides information and data on the sector.
Read more »