Corruption has eaten deep into the fabric of the nation and has once again reared its ugly head as government funds are not being remitted.
It becomes baffling to note that bad eggs serving in revenue-generating agencies are refusing to remit revenue generated within that system.
A Thing like this cannot continue if the Nigerian economy must rise again.
It has been revealed that a huge portion of government revenue is being held in un-remitted bank vaults.
This worrisome information was shared by the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMFAC), Mohammed Shehu.
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Furthermore, Shehu revealed that revenue-generating agencies are not remitting funds to the government.
Abuse Of Procedure
The RMAFC chairman said a sizable portion of government funds are being held in reserve in banks.
Shehu disclosed this worrisome trend while receiving the Comptroller-General of the Nigerian Customs Service, Bashir Adeniyi, on Wednesday in Abuja.
He lamented the abuse of procedure that results in loss of revenue, including evasion of payment of levies, duties, and other related revenue.
This has created room for a lot of funds to be trapped with the stakeholders, especially the commercial banks.
