As part of its efforts to boost revenue accruals into the Federation Account, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC} has recovered the sum of N57.7 billion unremitted revenues from collecting banks following intensive verification and reconciliation of revenue collections and remittances by collecting banks engaged by the Customs Service and the FIRS between July 2012-Dec. 2015.The Acting chairman of the commission Umar Abbah Gana explained that the sum of N48.7bn has already been recovered and remitted into the Federation Account while the remaining balance of N9.07 billion which relates to withholding tax on dividend only has been duly released to the benefitting States Boards of Internal Revenue (SBIR). He 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 restated the Commission’s resolve to follow up on the outstanding balance of N16.4 billion liabilities established which demand notice were issued to banks but yet to be defrayed. It would be 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.
Buoyed by the huge success recorded, the Commission following the approval of the National Economic Council launched the 2nd phase of the exercise covering the period July 2012-Dec. 2015 which so far established the sum of N57.7bn