The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has demanded the immediate return of over N12 billion unremitted funds from some commercial banks holding collected government revenue. The banks were engaged by the Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS) to collect revenue and remittances on their behalf. The demand followed the verification and reconciliation of revenue collections and remittances by the collecting banks carried out by the commission. According to a statement signed by the Head of Public Relations, RMAFC, Mr Ibrahim Mohammed, the directive was given by the Chairman, Non-Oil Committee of the Commission, Mr Ajibola Fagboyegun. According to the statement, he gave the order when he received a draft report of the exercise presented to him by the Lead Consultant, JK Consulting Company Limited, which was hired by the Commission for the exercise. “The purpose of the exercise, which commenced in November 2013, i...
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