The Federal Government of Nigeria has announced its intention to recover all unremitted funds owed to the federation and held by individuals and corporate entities. This initiative forms part of a broader effort to strengthen fiscal governance and enhance revenue generation.
Dr. Mohammed Shehu, Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), affirmed the commission’s determination to ensure that all revenues due to the federation are fully accounted for and remitted into the Federation Account. To achieve this, the RMAFC has engaged consultants to conduct a revenue‑recovery exercise aimed at identifying and retrieving unremitted revenues across various sectors of the economy. The engagement is a strategic move to plug revenue leakages, improve transparency, and boost the fiscal capacity of the three tiers of government, aligning with President Bola Tinubu’s Renewed Hope Agenda, which prioritises fiscal governance and revenue generation.
The Federal Inland Revenue Service (FIRS) has pledged its cooperation with the RMAFC in pursuing the recovery program. Represented by Coordinating Director Shettima Tamadi, the FIRS Chairman underscored the need for stronger collaboration among agencies and partners to bridge Nigeria’s revenue gap and achieve sustainable fiscal growth. The consultants, inaugurated by the FIRS, have been tasked with completing the assignment within six months and are expected to work diligently to ensure that all identified recoverable revenues are promptly returned to the Federation Account, supporting national development priorities.
This recovery exercise marks a significant milestone in the RMAFC’s efforts to enhance inter‑agency collaboration, improve accountability, and maximise revenue generation for the collective benefit of the federation. Successfully retrieving unremitted funds will strengthen Nigeria’s revenue base, supporting the country’s economic renewal and development goals. Addressing the substantial revenue gap remains a critical challenge, and the collaborative actions of the RMAFC, FIRS, and other stakeholders are expected to yield positive results, further enhancing fiscal governance and revenue‑generation capabilities.
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