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.
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This has created room for a lot of funds to be trapped with the stakeholders, especially the commercial banks.
However, Shehu assured Nigerians that the RMAFC was prepared to prevent income leakages, regardless of their source.
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He said: “The major issue of concern to RMAFC is the non-remittance of monies to the government coffers.
“It’s a situation we are not happy about because it has created room for a lot of funds trapped with the stakeholders, especially the commercial banks.
“We, therefore, seek to leverage your timely visit to enlist your support for the commission to recover these funds and deliberately improve revenue mobilisation.
“We shall advise the present administration on appropriate measures to increase revenue generation for the Federation Account”.
To Exceed Revenue Target
In his response, the head of Customs emphasised that the agency was prepared to exceed its ₦‎3.2 trillion collection target from the previous year.
Also, Adeniyi expressed gratitude to the commission for alerting it to potential leaks.
“The Nigeria Customs Service is empowered to collect and account for revenue from import duties, excise duties, and other taxes and levies.”
