The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it will audit all revenue inflows and remittances to the federation account.
The commission said it has entered a partnership with the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practice Commission (ICPC) to recover unremitted revenue from defaulting agencies and block leakages.
The exercise is scheduled to begin in the first week of October and covers inflows and remittances from January 1, 2016, to December 31, 2019.
Addressing consultants to be involved in the remittal exercise on Monday, Elias Mbam, RMAFC chairman, said: “RMAFC’s mandate includes monitoring all revenue accruals into the federation account and disbursement while blocking leakages”.
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Mbam advised participating agencies not to join issues with any defaulting organisation but rather, submit their established reports to the commission through the coordinating committee of the project.
M.B Shehu, RMAFC secretary, told participants that the issue of revenue generation was of utmost importance to the federal government due to the decreasing oil revenue and the economic difficulties of the coronavirus outbreak.
Mohammed Umar, acting chairman of EFCC, represented by Hamza Abdulahi, commended RMAFC for collaborating with the anti-graft agency in tracking and blocking revenue leakages while recovering all revenue accruals to the federation account.
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According to Umar, a similar exercise carried out with the EFCC and Federal Inland Revenue Service (FIRS) resulted in the recovery of N300 billion.
Umar promised not to compromise the EFCC’s track record and assured that every revenue defaulter will be made to face the full wrath of the law.
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