RMAFC Recoups N268b From Banks
File: money

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has recovered N268bn from banks in the country following several probes.

This was revealed by the acting Chairman of RMAFC, Umar Gana on Monday in Abuja.

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According to Gana, the commission probed tax remittances by banks, stamp duty collections, withholding taxes and Value Added Tax leading to the recovery.

He also rebuffed report that the absence of 30 commissioners in the commission had halted its activities.

The RMAFC boss noted that the Act establishing the commission stated that five commissioners can form a quorum.

He further noted that most of the commissioners had left after their tenure expired in 2015 but the commission continued its activities.

In addition, he said the RMAFC had carried out verification and reconciliation of collections by banks with N73bn recovered.