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· The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) of Nigeria have commenced the drive to recover from all defaulters unremitted revenues accruable to the Federal Account. This includes over N10 trillion operating surpluses
· The exercise will commence from the first week of October
· The drive will cover unearthing all unremitted revenues by the government ministries, departments and agencies for the period between January 1, 2016 and December 31, 2019
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) of Nigeria have commenced the drive to recover from all defaulters unremitted revenues accruable to the Federal Account. This includes over N10 trillion operating surpluses.
The exercise will commence from the first week of October. The drive will cover unearthing all unremitted revenues by the government ministries, departments and agencies for the period between January 1, 2016 and December 31, 2019.
The government, last week, deployed directors of revenue and treasury to select federal government-owned agencies to enhance the government revenue drive.
There is consistent deficit in annual federal budgets as a result of the dwindling revenues from crude oil exports. The government is trying to make good the loss of revenue from other sources.
The Secretary to the Government of the Federation, Boss Mustapha, expressed concern over observed poor remittances by a number of government agencies. They have been remitting smaller operating surpluses to the Consolidated Revenue Fund than is required by law and/or financial regulations.
Mr Mustapha called for a reform initiative aimed at generating more revenue and associated remittances into the government treasury and to improve the operational performance of all government-owned enterprises and agencies.
With dwindling revenue profile of the federal government as a result of the growing impact of the global health cum economic crisis posed by the COVID-19 pandemic, Mr Mbam said President Muhammadu Buhari directed the RMAFC to go after those defaulting in remitting accruable revenues to the Federation Account.
Mr Mbam said the commission would carry out the recovery exercise in collaboration with the anti-graft agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC).
