The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has recovered over N75 billion from revenue collecting agencies working for the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS).
Its Chairman Elias Mbam, however, did not specify the agencies that were audited but banks are mostly the first choice revenue collecting agents for the FIRS and the NCS.
Mbam said the commission has “carried out reconciliation and verification of revenue collections from revenue collecting agencies on behalf of the Federal Inland Revenue Services and Nigerian Custom Service. Over N75billion has been recovered in this process. The commission shall intensify its efforts in this regard.”
Giving the activities of these revenue Collecting agents, the RMAFC, has been mandated to come up with “a workable mechanism to block revenue leakages, diversion of funds and recover unremitted revenues.
Also, the Commission will start the review of the remuneration of political office holders in 2020 to reflect the current realities. A commissioner at the RMAFC said work might start in the first quarter.
There has been public outcry over the remuneration of political office holders, especially members of the National Assembly and other appointees of the Federal Government, which many describe as outrageous when compared to what ordinary Nigerians earn.
Since July, the RMAFC has been tinkering with the idea of reviewing the salaries of political office holders.
But the commission is being pulled on both sides by the proponents of the upward review of the remuneration package of political office holders and those against such review.
Currently, this is what some political office holders receive as annual basic salaries: President earns N3.51 million per year; Vice President (N3.03 million); Senator President (N2.48 million); Deputy Senate President (N2,309,166:75); Senators (N2,026,400:00); Speaker, House of Representatives (N2,477,110:00); Members, House of Representatives (N1,985,212:50); Minister/SGF/HoS/Chairmen of Constitutional Bodies (N2.02 million); Minister of State /Member of Constitutional Bodies (N1.95 million); Special Adviser (N1.94 million); Governor (N2.22 million); Deputy Governor (N2.11 million); State Commissioners (N1.33 million).
At the just-concluded management and Commissioners retreat, a number of recommendations were made, these include: the utilization of external and internal debts in financing budget deficits should be closely monitored for use in the execution of infrastructure and not for the recurrent expenditure; the Excess Crude Account (ECA) should have a legal framework because Excess Crude Account (ECA) was set up without proper legal framework; establishment of management structures for the special funds including Ecological, Stabilisation and Development of Natural Resources Funds to guarantee transparency and accountability in their administration and operations; the Commission should encourage the Federal, States and Local Governments to take the issue of savings for the rainy day serious and also develop the political will to diversity their economy.
It was also recommended that States should be encouraged to participate in the development of solid minerals; the Commission should be involved in the preparation of the budget, particularly in setting targets for revenue generating agencies; the Commission should expedite action in the review of the Revenue Allocation Formula in line with the provision of the 1999 Constitution; the commission should be included as member in all strategic economic management institutions and the government should make concerted efforts to bring the informal sector into the tax net, particularly through the use of information and communication Technology (ICT).
The Commission lamented that because of the politicisation of issues regarding Revenue Allocation Formula (RAF), it has agreed to “expedite action in the review of the Revenue Allocation Formula in line with the provision of the 1999 Constitution.”
