The Chairman, Revenue Mobilisation Allocation and Fiscal Commission, Mr. Elias Mbam, has frowned at the non-remittance of revenue accruable into the Federation Account by revenue generating agencies of government.
The RMAFC boss, according to a recent statement from the commission signed by the Head, Public Relations, Mr. Ibrahim Mohammed, stated this at a national revenue summit organised by the Economic Research and Policy Development Initiative.
Mbam, the statement noted spoke through the Director, Planning, Research and Statistics of the Commission, Mr. Simeon Nwate, on the theme: “Sectoral transformation through improved revenue generation and strategic funding by government.”
He observed that the theme of the summit was timely and in line with the aspiration and programme of the commission to enhance the revenue accruable to the Federation Account.
He also expressed dismay at the unhealthy practice whereby some revenue generating agencies failed to fully remit generated revenues into the Federation Account for distribution to the three tiers of government.
Mbam decried the indiscriminate and illegal deductions from Special Fund Account comprising the Development of Natural Resources Account, ecology account and the stabilisation account being held in trust by the Federal Government.
He stressed that the special fund was not constituted out of the statutory share of the Federal Government from the Federation Account but rather a charge on the account owned jointly by the three tiers of government.
To address this development, the RMAFC chairman called for the amendment of the Revenue Allocation Act of 2004, which did not clearly stipulate how the special fund should be administered.
He urged that appropriate measures be put in place to provide a clear, fair and just criterion for assessing the fund.