The Revenue Mobilization and Fiscal Commission (RMAFC) has raised concerns about a substantial amount of the federal government’s revenue being trapped in the vaults of banks.
Mohammed Sheu, the Chairman of the Commission, stated that banks are not remitting all the revenue, leading to losses for the government in terms of levies, duties, and other related revenues.
Chairman Sheu addressed this issue during a meeting on Wednesday in Abuja when receiving the Comptroller General of the Nigeria Customs Service, Bashir Adeniyi.
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He sought the support of the Customs Comptroller General in recovering all revenue paid by Customs that is still trapped in banks.
The objective is to improve revenue collection and block leakages.
In response, the Customs Comptroller General assured that he would ensure that all revenue generated by his agency is fully remitted to the government’s coffers.
This collaboration aims to enhance transparency and efficiency in revenue collection and management.
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