Unremitted Revenue: RMAFC Recovers N57.7bn from Banks

Following intensive verification and reconciliation of revenue collection and remittances by collecting banks engaged by the Nigeria Customs Service (NCS), and the Federal Inland Revenue Service (FIRS) between July 2012 and December 2015, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has recovered the sum of N57.7 billion unremitted funds.

The new drive is part of RMAFC’s efforts to boost revenue accruals into the Federation Account, the acting Chairman of the commission, Umar Abba Gana, disclosed.

Gana explained that the sum of N48.7 billion had already been recovered and remitted into the Federation Account while the remaining balance of N9.07 billion which relates to withholding tax on dividend only has been duly released to the benefiting States Boards of Internal Revenue (SBIR).

A statement issued by RMAFC’s Head, Public Relations, Ibrahim Mohammed, said the acting chairman

also disclosed that in the course of the exercise which is still ongoing, the commission had to seek the intervention of the Economic and Financial Crimes Commission (EFCC) in the recoveries following the uncooperative attitude earlier exhibited by some revenue generating agencies and collecting banks.

He reiterated the commission’s resolve to follow up on the outstanding balance of N16.4 billion liabilities established, which demand notice were issued to banks but yet to be defrayed.

It would be recalled that in an earlier exercise covering between January 2008 and June 2012, RMAFC had announced the recovery of the sum of N4.2 billion from the banks, promising that more recoveries would be made.

Buoyed by the huge success recorded, the commission following the approval of the National Economic Council (NEC) launched the second phase of the exercise covering the period of July 2012 to December 2015 which so far uncovered the sum of N57.7 billion