RMAFC Recovers N75bn, As FG Task Commission On Intensifying Monitoring Of Revenue

By LOVETH AZODO, Lagos

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has revealed that it has recovered up to N75 billion through its reconciliation and verification of revenue collections from collecting agencies on behalf of the Federal Inland Revenue Service and Nigeria Customs Services.

This is just as the Secretary to the Government of the Federation (SGF) Boss Mustapha called on the commission to double its effort in ensuring that all revenues generated are monitored and promptly remitted into the federation’s account.

During his address at the ongoing 3day Retreat for Members and Management Staff of RMAFC in Lagos, the Chairman of the commission stated that the commission has also programmed to review the remuneration of political office holders in 2020 to reflect the current realities.

He implore government at all levels to continue to support agricultural development and invest in the development of solid minerals as a means of diversifying the sources of revenue in order to meet the increasing expenditure requirements of governance
Representing the SGF, the Permanent Secretary Political and Economic Affairs, Gabriel Aduda reiterated the need for the commission to double it’s efforts in resource mobilization, recovery of unremitted accruable, advocacy for economic diversification, reduction in the cost of governance amongst others.

“The commission should beef up its advisory role to the three tiers of government on improving their respective revenue drives and also ensure that the remunerations of the political and public office holders in the country are reasonable and sustainable.”

On reliance on Crude Oil, he stated “In the quest to strengthen the economy and reduce reliance on Crude Oil earnings, the Federal Government has come up with sundry economic policies aimed at wealth creation, reduce inflation, job creation, improve exchange rate amongst others.”

According to the SFG, reforms in the agricultural sector are yielding results as manifested in increase in food and crop production for enhanced food security in.

“The solid minerals sector is being reformed and reinvigorated to contribute substantially to the distributable pool. We are in discussion with the Russian Federation and Afreximbank on the update, completion and operation of the Ajaokuta Steel Company, after over three decades of neglect of such huge economic asset.

He promised that the Federal Government will continue to assist the commission to achieve these goals and objectives.