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Emmanuel calls for timely remittance of revenues into federation account

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Udom-Emmanuel, Eze-Anaba, Murray-Bruce, others for AWLO Akwa-Ibom inauguration

By Harris Emanuel, Uyo

Akwa Ibom State governor, Udom Emmanuel has called for timely and accurate remittance of revenues into the federation account, as this was critical to the economic survival of the country.

Emmanuel said that if all revenue accruals were accurately accounted for and new approaches identified for increasing the revenue, the nation would be better, especially now that the economy was experiencing a downturn.

The governor who was represented his deputy, Moses Ekpo, stated this in his opening remarks during a three-day retreat on evaluation of issues emanating from the Federation Account in Uyo.

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The Retreat was organized by the Post-Mortem Sub-Committee of the Federation Account Allocation Committee (FAAC) with the theme of Retreat, “Evaluation of Issues Emanating from the Federation Account.”

According to him, the theme was in tandem with the collective desire of the nation, to see that the economy was given a boost through accountability and transparency in the management of the nation’s revenue sources.

Emmanuel called on relevant agencies in the country to ensure timely and accurate revenue remittances into the Federation Account.

He said, “if all revenue accruals are accurately accounted for and new approaches identified for increasing our national revenue, the nation will be the better for it.

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“The Sub- Committee has over the years recovered billions of naira in addition to uncovering leakages in the revenue collection process.

“Akwa Ibom Government will continue to support the activities of this Sub-Committee in every way possible as our contribution in ensuring transparency and accountability in revenue collection and disbursement.”

The governor commended the Sub- Committee for its commitment and dedication in ensuring that justice and fairness have been observed regarding statutory allocation to stakeholders.

Earlier, the Chairman, FAAC Post-Mortem Sub-Committee, Alhaji Kabir Muhammad Mashi, said that the retreat was paramount given the need for accountability and transparency of government funds in order to promote good governance and prudent management of all revenue due to the Federation.

He said that the FAAC Post-Mortem Sub-Committee was established by the Federation Account Allocation Committee in 2004 based on the recommendation of the Revenue Mobilisation Allocation and Fiscal Commission.

Mashi noted that the Sub- Committee among other things, was set up to carry out in-depth analyses of the component statements of the Federation Acount and the Reports of Revenue Generating Agencies as presented to FAAC during its monthly meetings with a view to enhancing revenue accruals into the Federation Account.

The committee, he explained periodically carries out biennial retreats and programmes with the aim of addressing specific issues bothering on the operation and management of the Federation Account.

Vanguard News Nigeria

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