The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr. Elias Mbam, yesterday said the agency was prepared to launch a nationwide verification and reconciliation exercise on revenue inflows and remittances from relevant organisations to the appropriate government treasury.
He said the exercise, which will commence in the first week of October, will be assessing transactions carried out from January 1, 2016, to December 31, 2019.
Speaking during an interactive session organised for the consultants hired for the investigation, Mbam said the commission will be in collaboration with the Economic and Financial Crime Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) to achieve its objectives.
In a statement by RMAFC’s spokesman, Mr. Nwachukwu Christian, the RMAFC boss commended the participants stating that the commission’s mandate included monitoring all revenue accruals into the federation account as well as disbursements while blocking leakages.
According to him, this is in line with President Muhamadu Buhari’s charge to the commission to use all legal ways and means to block all revenue leakages and maximise revenue inflow to the federation account.
The RMAFC boss noted that the collaboration with EFCC and ICPC was to provide close monitoring of the recovered accruable funds to the Federation Account.
He advised the participating organisations not to join issues with any defaulting organisation but rather, submit their established reports to the commission through the Coordinating Committee of the project.
On his part, the acting Chairman of EFCC, Mr. Mohammed Umar, thanked RMAFC for the collaboration with him in tracking and blocking revenue leakages while recovering all revenue accruable to the federation account.
He noted that the EFCC had helped to recover more than N300 billion in a similar collaboration with the Federal Inland Revenue Service (FIRS), promising not to compromise the EFCC track record by making sure that every revenue defaulter will be made to face the full rot of the law.
The RMAFC further reminded the participants that the federal government took the issue of revenue generation seriously particularly with the dwindling oil revenue occasioned by the global financial crisis occasioned by the COVID-19 pandemic.
