The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) recovered over N704.2 billion in the last five years, its Chairman, Elias Mbam said.
Mbam, who said the recoveries took place within his five years in office, also stated that RMAFC was working with the FIRS to check the remittances from banks that collect tax revenues for the government.
He said, “We have expanded the sources of revenue to the Federation Account. Recoveries of over N704.2bn have been made. Revenue leakages were addressed. A verification exercise is being carried out on the collecting banks and other collecting agencies. Generally, the commission has addressed vigorously all its constitutional mandate.
“Furthermore, in order to minimise leakages, the commission embarked on the monitoring and reconciliation of collections and remittances by the collecting banks engaged by the FIRS and the Nigeria Customs Service.
“The exercise is expected to be a continuous one and over N12.6bn has been established as liability, while over N1.8bn has been recovered and remitted to the Federation Account in the CBN.
“In the same vein, the commission is also collaborating with the FIRS for the reconciliation and recovery of large amount of tax liabilities by federal Ministries, Departments and Agencies; states, and local government councils. Over N15bn has been recovered in the exercise from the reconciliation of tax liabilities of the states and local government councils across the country.”
Although the Chairman said he did not have the exact amount recovered. “I don’t have the exact figure of which and which but it is basically in all the generating agencies. A greater proportion is from NNPC. There are some from the Central bank, and there are some from FIRS. I don’t have the exact figure.
Mbam also disclosed that the Commission has identified other government agencies that are supposed to remit their generated revenue to the Federation Account but are yet to comply. He listed them as Nigeria Ports Authority (NPA), Nigeria Maritime Administration and Safety Agency (NIMASA), Corporate Affairs Commission (CAC), Nigeria Communication Commission (NCC), among others as government agencies that defaulted in making remittances to the FA.