Home / ASSETS & FINANCIALS / RMAFC Recovers N704bn From NNPC, FIRS, CBN, Others

RMAFC Recovers N704bn From NNPC, FIRS, CBN, Others

RMAFC Recovers N704bn From NNPC, FIRS, CBN, Others

Chairman, RMAFC, Mr. Elias Mbam

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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