RMAFC is mandated to monitor all revenue accruals into the federation account.The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) said it has recovered over N474 million unremitted excise duty from Guinness Nigeria PLC.
The chairperson of the revenue mobilization agency, Elias Mbam, said on Monday in Abuja that the recovery is part of the success story recorded pursuant to its verification exercise on selected manufacturing companies in the country liable to pay excise duty into the Federation Account.
On September 28, 2020, Mr Mbam unfolded plans by the commission to embark on a drive to recover from all defaulters all unremitted revenues accruable to the Federation Account, including over N10 trillion operating surpluses from ministries, departments and agencies (MDAs).
He said the exercise, scheduled to commence from the first week of this month, would cover the period between January 1, 2016 and December 31, 2019.
While acknowledging the effort of the RMAFC committee on customs revenue monitoring towards the successful recovery exercise so far, the chairperson called for the strengthening of collaboration between the Nigerian Customs Serviceand RMAFC to boost the revenue collection level.
The excise duty, which is one of the major revenue sources by the Nigerian Custom Service into the Federation Account, is currently recording low revenue yield as a result of noncompliance by some manufacturing companies in the country.
Mr Mbam stressed the need for the government to give adequate attention to excise duty payment by manufacturing companies into the Federation account to boost the revenue inflow to the Nigerian government.
Meanwhile, the Comptroller General of Nigerian Custom Service (NCS), Hameed Ali, noted RMAFC’s effort in discharging its oversight functions leading to the recovery of such unremitted revenue accruable to the Federation Account.
Mr Ali solicited for RMAFC’S continued inter-agency collaboration towards recovering other unremitted revenue, urging the commission to continue its effort in blocking revenue leakages.
The commission, which is mandated to mobilise and allocate revenues on behalf of the government, is also mandated to monitor all revenue accruals into the federation account as well as disbursements, while taking steps to block all leakages.
With dwindling revenue profile of the federal government as a result of the growing impact of the global health cum economic crisis posed by the COVID-19 pandemic, the federal government is under serious pressure to mobilise revenue from all available sources, including the recovery of unremitted funds to the Federation Account, to augment the poor earning from oil exports.
During the inauguration of the reconstituted board of the commission recently, President Muhammadu Buhari charged members to use all legal ways and means to block all revenue leakages to the Federation Account.