ABUJA—THE Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, recovered the sum of N721 billion unremitted funds from various agencies of government in the last five years.

Mr. Elias Mbam disclosed this at a media briefing to render his stewardship, yesterday, in Abuja,  at the end of his five-year tenure.

According to him, the recovery was made through the commission’s periodic monitoring of revenue collecting agencies, including Nigerian National Petroleum Corporation, NNPC, Federal Inland Revenue Service, FIRS, Nigerian Customs Service, NCS, Department of Petroleum Resources, DPR, and Federal Ministry of Mines and Steel Development, among others.

He said: “The commission recovered over N704.2 billion Naira in the course of monitoring and checks within the period under review.

“Furthermore in order to minimize leakages, the commission embarked on monitoring and reconciliation of collections and remittances by the Collecting Banks engaged by the Federal Inland Revenue Service, FIRS, and Nigerian Customs Service, NCS.

“The exercise is expected to be a continuous one and over N12.6 billion has been established as liability while over 1.8 billion has been recovered and remitted to the Federation Account in Central Bank of Nigeria, CBN.