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Government Revenue Trapped in Banks – RMFAC Raises Concerns
EKO HOT BLOG reportsThe Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has raised concerns about a significant amount of government revenue being stuck in commercial banks, unremitted and unaccounted for.
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Chairman Mohammed Shehu expressed worry over the non-remittance of funds by revenue-generating agencies, resulting in a substantial sum trapped in the banking system.
RMAFC, responsible for mobilizing and allocating revenue to Nigeria’s three tiers of government, is determined to address this issue and recover the funds for the benefit of the federation.
The commission had previously recovered over N500 billion in unremitted revenue from government-owned institutions, highlighting the persistent challenge of revenue leakage.
In a meeting with the Comptroller-General of the Nigerian Customs Service, Bashir Adeniyi, Chairman Shehu emphasized the need to address the abuse of procedures causing revenue loss and evasion of payments, contributing to funds being trapped with stakeholders, especially in commercial banks.
RMAFC expressed its commitment to fulfilling its mandates and urged the Customs Service to support efforts to recover these funds, improve revenue mobilization, and block revenue leakages.
The commission seeks to work closely with relevant agencies to advise the government on measures to enhance revenue generation for the Federation Account.
In response, the Customs boss assured the commission of the agency’s commitment to surpassing its revenue target, emphasizing the Customs Service’s empowerment to collect and account for revenue from various sources.
The NCS pledged support for RMAFC’s initiatives to enhance the revenue-generating environment and ensure proper accountability through remittances while addressing potential revenue drains.
The Customs Service also vowed to remit every kobo and naira collected fully.
Chairman Shehu took the opportunity to advocate for the authorization of the Customs as the sole revenue-collecting agency at the ports, citing the need for efficiency and a streamlined process.
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He highlighted the challenges posed by multiple agencies operating at the ports and suggested a new model where the NCS could be the exclusive agency responsible for assessments, simplifying the revenue collection process and minimizing interference from various entities.
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