Periodic checks on revenue-generating organisations have led to the
recovery of over N704.2bn into the Federation Account, the Revenue
Mobilisation, Allocation and Fiscal Commission has disclosed.
The Chairman, RMAFC, Mr. Elias Mbam, gave this information at a
valedictory press briefing to mark the end of his first five-year tenure
in office in Abuja on Monday.
The revenue-generating bodies include the Nigerian National Petroleum
Corporation, Federal Inland Revenue Services and Central Bank of Nigeria.
Mbam, who said the recoveries took place within his five years in office,
also said that RMAFC was working with the FIRS to check the remittances
from banks that collect tax revenues for the government.
He said, “We have expanded the sources of revenue to the Federation
Account.
Recoveries of over N704.2bn have been made.
Revenue leakages were
addressed.
A verification exercise is being carried out on the collecting banks and
other collecting agencies.
Generally, the commission has addressed vigorously all its
constitutional mandate.
“Furthermore, in order to minimise leakages, the commission embarked on
the monitoring and reconciliation of collections and remittances by the
collecting banks engaged by the FIRS and the Nigeria Customs Service.
“The exercise is expected to be a continuous one and over N12.6bn has
been established as liability, while over N1.8bn has been recovered and
remitted to the Federation Account in the CBN.
“In the same vein, the commission is also collaborating with the FIRS for
the reconciliation and recovery of large amount of tax liabilities by
federal Ministries, Departments and Agencies; states, and local
government councils. Over N15bn has been recovered in the exercise from
the reconciliation of tax liabilities of the states and local government
councils across the country.”
Mbam said under his watch, the commission also addressed the contentious
issue of revenue formula as well as the remuneration packages of public
and political office holders, adding that the results of these exercises
would undergo the constitutional process before they would be enacted
into laws.
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