RMAFC recovers N704bn from NNPC, FIRS, CBN, others

   


         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.