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RMAFC Set to Recover Unremitted Revenues to Federation Account

RMFAC Set To Introduce New Revenue Sharing Formula For FG, States, LGs

The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr. Elias Mbam, Monday said it is prepared to launch a nationwide verification and reconciliation exercise on revenue inflows and remittances from relevant organisations to the appropriate government treasury.

He said the exercise, which will commence in the first week of October, will be assessing transactions carried out between January 1, 2016 and December 31, 2019.

Speaking during an interactive session organised for the consultants hired for the investigation, Mbam said the commission will be in collaboration with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practice and other related offences Commission (ICPC) to achieve its objectives.

In a statement by RMAFC spokesman, Mr. Nwachukwu Christian, the chairman commended the participants, stating that the commission’s mandate included monitoring of all revenue accruals into the federation account as well as disbursements while blocking leakages.

According to him, this is in line with President Muhammadu Buhari’s charge to the commission to use all legal ways and means to block all revenue leakages and maximize revenue inflow to the federation account.

The RMAFC boss noted that the collaboration with EFCC and ICPC was to provide close monitoring of the recovered accruals to the federation account, while advising participating organisations not to join issues with any defaulting organisation but rather, submit their established reports to the commission through the Coordinating Committee of the project.

However, the acting Chairman of EFCC, Mr. Mohammed Umar, thanked RMAFC for the collaboration in tracking and blocking revenue leakages while recovering all revenue accruals to the federation account.

He noted that the EFCC had helped to recover more than N300 billion in a similar collaboration with the Federal Inland Revenue Service (FIRS), promising not to compromise EFCC’s track record by making sure that every revenue defaulter will be made to face the full wrath of the law.

Source: THISDAY

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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