FG demands N12bn unremitted funds from commercial banks


…Threatens to debit debtor banks’ CBN account

From Isaac Anumihe, Abuja

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is demanding the return of N12 billion unremitted funds from some commercial banks engaged by the Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS) on revenue collections and remittances. The request is coming on the behest of ongoing verification and reconciliation of revenue collection and remittances by collecting banks.

Speaking when he received a draft report of the exercise presented to him by the Lead Consultant, JK Consulting Co. Limited, hired by the commission for the exercise, the Chairman, Non-oil Committee Rev. Ajibola Fagboyegun, commended all stakeholders, particularly the Office of the Accountant General of the Federation (OAGF), FIRS, NCS and the Central Bank of Nigeria (CBN) for their cooperation and support.

The Commission, as the national revenue watchdog for the federation account, had engaged the services of consultants with JK Consulting Co. Ltd being the Lead Consultant, to verify and reconcile revenue collections and remittances by 19 collecting banks engaged by the NCS and FIRS from January 2008 to June 2012 with a view to uncovering unremitted funds.

According to Fagboyegun, the purpose of the exercise, which commenced in November 2013, was to improve the public finance system and ensure all revenues collected on behalf of government are remitted accurately as and when due.

While praising 15 commercial banks that co-operated with the consultants during the exercise, the chairman berated the remaining five for their uncooperative attitude, which has delayed the completion of the exercise, stressing that their laxity could force the commission into taking drastic measures against them, including barring them from collection of government revenue and directing the CBN to enforce deduction at source from the affected banks’ reserve deposit.

Source : SunOnline

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