RMAFC and EFCC Recover Over N216bn in Unremitted Funds
By Patience Ikpeme
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), in collaboration with the Economic and Financial Crimes Commission (EFCC), has successfully recovered over N216 billion in unremitted revenue from banks, the public, oil and gas sectors.
The revelations came to light during a courtesy visit by the RMAFC Chairman, Muhammad Bello Shehu, to the EFCC Executive Chairman, Ola Olukoyede, in Abuja on Wednesday.
Shehu highlighted the longstanding partnership between the two agencies, which began in 2013 with the engagement of forensic consultants to recover unremitted and under-remitted revenues collected or deducted by banks for the Federation Account from 2008 to 2015. This initial exercise resulted in the recovery of a staggering N74 billion.
Building on this success, in 2021, the RMAFC expanded the scope of their recovery efforts, collaborating with the EFCC to include the public sector and oil and gas industry for the period covering 2016 to 2019, with the approval of the President. This expanded operation has so far yielded over N216 billion in recovered funds, with the ongoing efforts promising even more impressive results.
Shehu’s remarks underscored the critical role of the EFCC in this endeavor, stating, “We are calling on EFCC for more collaboration, not only in the area of enforcement but also intelligence gathering and data sharing with respect to government revenue from any source.”
The RMAFC Chairman also shed light on a concerning discovery regarding the operations of some Revenue Generating Agencies (RGAs) described as Government Owned Enterprises (GOEs) by the Office of the Accountant General of the Federation. These agencies, he explained, are allowed to generate revenue, spend from it, and remit the balance as operating surplus to the Consolidated Revenue Fund (CRF), a practice that is at odds with the provisions of the 1999 Constitution (as amended), which mandate that all revenues collected by the government be paid into the Federation Account.
Olukoyede, the EFCC Chairman, echoed the need for enhanced collaboration between the two organizations to ensure proper management of government revenue. He emphasized the importance of transparency and accountability in the conduct of government business, stating, “Transparency and accountability should be embedded in our public life as a nation. That’s the only way we can move forward.”
Olukoyede also highlighted the systemic issues that enable revenue leakages, urging the RMAFC to examine the loopholes in the revenue generation and mobilization system. He stressed the need for a stakeholder meeting to address these concerns, noting that the country’s progress hinges on addressing the underlying flaws in the system.
The joint efforts of the RMAFC and EFCC in recovering over N216 billion in unremitted funds underscore the critical role of collaboration and effective oversight in safeguarding the nation’s financial resources. As the recovery efforts continue, the public can expect further updates on the ongoing battle against revenue leaks and the commitment to ensuring transparency and accountability in the management of government finances.
