The Federal Government of Nigeria has announced its intention to recover all unremitted funds due to the federation, held by individuals and corporate entities. This move is part of a broader effort to strengthen fiscal governance and enhance revenue generation.
According to the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Shehu, the commission is determined to ensure that all revenues due to the federation are fully accounted for and remitted into the Federation Account. To achieve this goal, the RMAFC has engaged consultants to conduct a revenue recovery exercise. The exercise aims to identify and recover unremitted revenues across various sectors of the economy.
The engagement of consultants is a strategic initiative designed to plug revenue leakages, enhance transparency, and boost the fiscal capacity of the three tiers of government. This initiative is in line with the Renewed Hope Agenda of President Bola Tinubu, which prioritizes fiscal governance and revenue generation.
The Federal Inland Revenue Service (FIRS) has expressed its commitment to collaborating with the RMAFC to achieve the objectives of the recovery program. The FIRS Chairman, represented by the Coordinating Director, Shettima Tamadi, emphasized the need for stronger collaboration between agencies and partners to bridge Nigeria’s revenue gap and achieve sustainable fiscal growth.
The consultants, who were inaugurated by the FIRS, have been tasked with completing the assignment within a six-month timeframe. They are expected to work diligently to ensure that all identified recoverable revenues are promptly returned to the Federation Account, supporting national development priorities.
The recovery exercise marks a significant milestone in the RMAFC’s efforts to enhance inter-agency collaboration, improve accountability, and maximize revenue generation for the collective benefit of the federation. The successful recovery of unremitted funds will strengthen Nigeria’s revenue base, supporting the country’s economic renewal and development priorities.
Nigeria’s revenue gap is a significant challenge, and the government’s efforts to address this issue are crucial for the country’s economic growth and development. The collaboration between the RMAFC, FIRS, and other stakeholders is expected to yield positive results, enhancing the country’s fiscal governance and revenue generation capabilities.