Written by Sarah NEGEDU

RMAFC recovers govt. funds held in banks

A total of N48.7billion has been returned to federal government coffers by the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, from unremitted funds it recovered from collecting banks engaged by some government agencies.

The Commission recently revealed that it had recovered the sum of N57.7 billion unremitted revenues from collecting banks, as part of its efforts to boost revenue accruals into the Federation Account,

The Acting chairman of the commission, Shettima Abba-Gana, who disclosed this in Abuja, said the recovery was made following intensive verification and reconciliation of revenue collections and remittances by the banks engaged by the Customs Service and the FIRS between July 2012 and Dec 2015.

The chairman explained that the sum of N48.7billion has already been recovered and remitted into the Federation Account while the remaining balance of N9.07billion which relates to withholding tax on dividend only has been duly released to the benefitting States Board of Internal Revenue.

Abba-Gana also disclosed that in the course of the exercise, which is still on-going, 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 N16.4bn liabilities for which demand notices were issued to banks but were yet to be defrayed.

The RMAFC chairman recalled that in an earlier exercise covering January, 2008-June 2012, RMAFC had announced the recovery of the sum of N4.2bn from the banks promising that more recoveries would be made.

Inspired by the huge success recorded, the commission following the approval of the National Economic Council, launched the second phase of the exercise covering the period July 2012-Dec. 2015 which has so far established the sum of N57.7billion.

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