The Federal Government has announced a renewed drive to recover all unremitted funds due to the Federation Account currently held by individuals and corporate entities across the country.
The move, according to the government, is part of ongoing efforts to strengthen Nigeria’s revenue base, enhance fiscal transparency, and ensure that every kobo owed to the Federation is duly accounted for.
This was revealed on Monday during the formal inauguration of consultants engaged for the Revenue Recovery Exercise at the headquarters of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in Abuja.
Speaking at the event, the Chairman of RMAFC, Dr. Mohammed Shehu, said the government is determined to plug leakages and recover all outstanding revenues owed to the Federation by defaulting entities.
The Federal Government is putting all necessary instruments in place to ensure that funds due to the Federation, which are currently in the coffers of individuals and corporate bodies, are identified and remitted without delay,” Shehu stated.
He explained that the engagement of the consultants marks a strategic step toward ensuring accountability and efficiency in Nigeria’s revenue management system.
The Special Adviser to the President on Revenue Matters and Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, who was present at the inauguration, reaffirmed the administration’s commitment to fiscal discipline and transparency.
Revenue generation is the backbone of sustainable governance. We are not just looking to increase revenue, but to ensure that what rightfully belongs to the Federation is returned and utilized for national development,” Adedeji said.
He noted that the exercise would be conducted with strict adherence to due process, fairness, and the rule of law, emphasizing that the Tinubu administration is committed to building a more accountable and sustainable fiscal system.
The RMAFC chairman also disclosed that the consultants will focus on identifying unremitted funds from Ministries, Departments, and Agencies (MDAs), as well as private sector players involved in revenue-generating transactions on behalf of the government.
According to him, the recovery initiative will not only boost the Federation Account but also help states and local governments receive their rightful allocations, thereby strengthening fiscal federalism.
Observers say the renewed collaboration between RMAFC and FIRS underscores the Federal Government’s broader economic reform agenda aimed at improving revenue collection, reducing borrowing, and driving inclusive development.
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