UNILAG AD
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, August 12, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
Mr Elias Mbam, Chairman, RMAFC

Mr Elias Mbam, Chairman, RMAFC

Revenue Commission warns against reckless waivers on Custom duties

March 26, 2012
Reading Time: 3 mins read
0

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has warned the Federal Government against granting incentives and waivers that are not targeted at boosting the growth of the country’s economy as well as improve the benefit to the people.

The Chairman of the Commission, Elias Mbam, who was speaking in Abuja while receiving the Comptroller General of the Nigerian Customs Service (NCS), Inde Dikko, in his office, said any fiscal policy that reduces what the revenue generation agencies contribute to the Federation Account has defeated its objectives.

“All fiscal policies, including incentives and waivers, should be directed at improving the economic activities and benefits to the people,” Mr. Mbam said.

“If it reduces what is contributed to the Federation Account, then the waiver may not have met its objectives,” he said.

Apart from the oil and gas industry, the Chairman identified the NCS as one of the major contributors to the Federation Account, assuring of the Commission’s readiness to work with it to consolidate on its achievements last year as well as enhance its revenue generation capacity for the future.

“The NCS must be commended for surpassing its revenue target for last year,” he said.

“But, it must work to consolidate on that record and strive to surpass that in the coming years. The Commission is willing to assist in this direction. With the ongoing reforms, we are hopeful that by the time it is completed, there would be more revenue to share. Our desire is to see that Customs is properly funded to enable it discharge its responsibilities. It must be allowed to discharge its enforcement role, ensure accountability, reduce leakage and enhance its revenue generation capacity,” Mr. Mbam added.

Urging Customs to ensure that its men and officers cooperate with the Commission by guaranteeing full disclosure of information that would help in knowing their challenges, he said revenue agencies should be concerned more with “how the cake is baked, or how to increase the size of the cake, rather than dissipate energy in sharing a cake that is reducing in size.”

On the proposed new revenue sharing formula, the Chairman said it would soon brief the media on the progress so far, though he said it would be difficult to say it would be ready by the end of the first quarter as earlier promised owing to the many challenges the Commission has been facing.

TEXEM Advert

“We have made some reasonable progress on the issue. But, we don’t want to talk much about the new revenue sharing formula, because of the sensitive nature of the issue,” he said. “The issue has a lot of implications on the unity and progress of the country. That is why we are very careful in all our actions and inactions.

“We don’t want to join the politics of the review exercise. We want to retain our image as an unbiased umpire that would be fair, free and devoid of any political considerations in terms of the politics of any section of the country.”

The Customs Comptroller General said though its performance has improved from an average revenue collection of N30billion in 2009 to about N70 to N80billion a month, he attributed this to the fully automated system put in place by his management, which has helped block many of the revenue leakages.

He said the absence of a legal framework backing the destination inspection system currently in operation was a major hindrance to its operations, stressing the need for its repeal by the National Assembly to enable it discharge its responsibilities of revenue collection effectively as well as enhance trade facilitation.

“The absence of legal framework is becoming a big obstacle to our revenue collection effort,” he said. “The penalties in current system are too meager, with the highest being about N200. Today, we have an automated system that is being backed by the law. We are in a position to introduce our own software, ACYCUDA, which if the bill is passed into law, would use biometrics that before anybody enters the system, has to have his fingerprints. This will help in blocking the revenue leakages.”

  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • WhatsApp
  • Share on Tumblr
  • Pocket


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

Atuche bought shares for 18 of his companies with Bank PHB’s money, says EFCC

Next Post

CSO raises alarm over police reform committee

More News

Naira Notes

Naira falls at official, parallel markets

August 11, 2022
Millennium tower Abuja [PHOTO: Incide Engineering]

Nigeria seeks $400 million private investment to complete millennium tower

August 11, 2022
President Muhammadu Buhari

Buhari backs down, supports regulator’s rejection of Seplat’s purchase of ExxonMobil asset

August 10, 2022
Nigerian Economic Summit Group (NESG) chairman, Asue Ighodalo [PHOTO CREDIT: TheCable]

Theft, vandalism rob Nigeria of benefits of high crude oil prices – NESG

August 10, 2022
Naira and Dollars

Naira gains at official forex market

August 9, 2022
Nigerian stocks

Nigeria stocks at four-month low, shed N614 billion

August 9, 2022
Leave Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2022 The Premium Times, Nigeria