RMAFC Set to Recover Accruable Revenue from Defaulters to Federation Account.

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in collaboration with the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practice Commission (ICPC) is to carry out a Nationwide Verification and Reconciliation exercise on revenue inflows and remittances from relevant organizations to the appropriate government treasury covering 1st January 2016 to 31st Dec 2019 as the exercise is to take off in the first week of October 2020.

This was disclosed by RMAFC Chairman Engr. Elias Mbam during an interactive session organized for the consultants that are engaged in carrying out this exercise in Abuja.

Engr. Mbam commended the participants stating that, RMAFC’s mandate includes monitoring all revenue accruals into the Federation Account and disbursement while blocking leakages. This according to him is in line with President Muhamadu Buhari’s charge while inaugurating the Chairman and Members of the Commission to use all legal ways and means to block all revenue leakages and maximize revenue inflow to the Federation account.

The RMAFC boss noted that the collaboration with EFCC and ICPC is to provide close monitoring of the recovered accruable funds to the Federation account while advising participating organizations not to join issues with any defaulting organization but rather, submit their established reports to the Commission through the Coordinating Committee of the project.

In his speech, Mr.Hamza Abdulahi who represented the acting Chairman of EFCC Mr. Mohammed Umar, thanked RMAFC for finding it worthy to collaborate with EFCC in tracking and blocking revenue leakages while recovering all revenue accruable to the Federation account. Hamza further stated that, EFCC has helped to recover more than three hundred billion naira in a similar collaboration with the Federal Inland Revenue Service (FIRS), promising not to compromise EFCC track record by making sure that every revenue defaulter will be made to face the full rot of the law.

Earlier, the Secretary to the RMAFC, Mr. M.B. Shehu reminded the participants that the Federal government takes the issue of revenue generation seriously particularly with the dwindling oil revenue occasioned by the current international market alongside the Covid 19 Pandemic.