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FG recovers its N4.2bn withheld by banks



FG recovers its N4.2bn withheld by banks

Defaulting revenue collecting banks have refunded N4.2 billion to the Federation Account, the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, has disclosed.

RMAFC’s acting Chairman, Shettima Gana, stated this at the induction of the lead consultants and other auditors on the verification and reconciliation of revenue collections and remittances by the collecting banks.

The recovered money represents unremitted collections by the banks between January 2008 and June 2012, with about N20 billion still outstanding with the banks.

“Several years ago, the commission observed discrepancies regarding the excessive charges, Commission On Turnover (COT) for collections and delayed remittances made by banks on behalf of FIRS and NCS,’’ he said.

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Gana, who said the second of the verification exercise has been approved by the National Economic Council, NEC, disclosed that the phase would involve about 109 consultants and two lead consultants as against the 53 consultants and one lead consultant in the first phase.

“From the first exercise we realised that the work was quite enormous because the banks have branches all over the country collecting these revenues. It requires quite a number of man hours to go through all the records of the banks to check when the money came in and when it was remitted and the various charges that were made. Now we want it done quickly and efficiently so as to get the funds into the federation account quickly,’’ he said.

The collecting banks are saddled with the responsibility of collecting excise duties and taxes on behalf of the Federal Inland Revenue Service, FIRS, and the Nigeria Customs Service, NCS.

By Timothy Enietan-Matthews….




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