RMAFC to recover outstanding revenue from defaulters • EFCC recovers N300b for FIRS September 29, 2020 in Business, News Update

RMAFC to recover outstanding revenue from defaulters • EFCC recovers N300b for FIRS September 29, 2020 in Business, News Update

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) will start the recovery of revenue from defaulting agencies next week.

To this end, the RMAFC will be collaborating with the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practice Commission (ICPC).

The three agencies will “carry out a nationwide verification and reconciliation exercise on revenue inflows and remittances from relevant organisations to the appropriate government treasury”.

The exercise will cover inflows and remittances dating from January 1, 2016 to Dec 31, 2019. It is to will take off in the first week of next month.

A statement from the RMAFC said the RMAFC Chairman Elias Mbam made this known during an interactive session organized for the consultants that are engaged in carrying out this exercise in Abuja at the weekend.

Mbam stated: “RMAFC’s mandate includes monitoring all revenue accruals into the Federation Account and disbursement while blocking leakages.”

This, according to him, 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 maximise revenue inflow to the federation account”.

The RMAFC boss noted that the collaboration with EFCC and ICPC is to provide close monitoring of the recovered accruable funds to the Federation account.

Mbam advised 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”.

Hamza Abdulahi, who represented the acting Chairman of EFCC Mr. Mohammed Umar, commended the RMAFC for finding it worthy to collaborate with EFCC in tracking and blocking revenue leakages while recovering all revenue accruable to the federation account.

Hamza further stated that, EFCC has helped to recover more than N300 billion in a similar collaboration with the Federal Inland Revenue Service (FIRS).

He promised not to compromise EFCC track record by making sure that every revenue defaulter will be made to face the full wrath of the law.

Earlier, the Secretary to the RMAFC, Mr. M.B. Shehu reminded the participants that the federal government takes the issue of revenue generation seriously particularly with the dwindling oil revenue occasioned by the current international market alongside the Covid 19 Pandemic.

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The Nation

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