Business & Economy - National - News - November 30, 2022

How RMAFC, EFCC collaboration yielded N192bn revenue in 10 years

By Bassey Udo

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that it realised a total of about N192 billion from its operations between 2008 and 2019.

The Chairman of the Commission, Mohammed Bello, who disclosed this in Abuja said this consisted N74 billion between 2008 and 2015 and N118 billion between 2016 and 2019.

Bello attributed the performance of the Commission to a strong collaboration with anti-graft agencies like the Economic and Financial Crimes Commission (EFCC) in the areas of monitoring and tracking of all revenues accruable from generating agencies into the Federation account.

The Chairman who spoke during a courtesy visit to the Chairman of Economic and Financial Crime Commission (EFCC), Abdulrasheed Bawa in Abuja reiterated its commitment to strengthen its collaboration with the agency in the discharge of its functions.

Bello recalled that collaborations between the two agencies over the years helped in the effective monitoring and recovery exercises on revenue generating agencies, including commercial banks and companies.

He said the revenues were in addition to the discoveries of over $205,013,760 from some companies in the oil and gas sector that refused to remit same to the government coffers.

Rather than remit the monies to the Federation Account, the RMAFC Chairman said the companies resorted to suing RMAFC and EFCC, claiming both agencies had no right by law to demand for the remittance to the Federation account of
such a huge amount on behalf of the Federal government.

In his response, the EFCC Chairman, Abdulrasheed Bawa, expressed the readiness of the EFCC to strengthen its ties with RMAFC to increase the revenues generated for the nation, while blocking leakages in the system.

Bawa said this would be better achieved by deploying the powers vested in the anti-graft agency by law to liaise with agencies like the RMAFC in the execution of their mandates, particularly by prosecuting defaulting revenue generating agencies.

Promising to avail the RMAFC the opportunity for capacity building from EFCC Academy, Bawa called for the re-examining of the delay in the revenue remittance for timely remittances from revenue generating agencies.

The RMAFC boss appreciated the EFCC and the passion of the Chairman to fight corruption in the country through the effective exercise of its mandate.

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

CBN pushes further Nigeria’s electronic payment system, unveils “AFRIGO”

In another significant move to strengthen the national payments system and deepen the usag…