FG Moves to Recover Unremitted Federation Funds from Individuals, Companies

The Federal Government has begun a comprehensive exercise to recover billions of naira in unremitted funds belonging to the Federation and currently held by individuals and corporate entities across the country.

The initiative, coordinated by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in partnership with the Federal Inland Revenue Service (FIRS), aims to strengthen Nigeria’s fiscal governance and plug revenue leakages across key sectors.

The exercise was formally launched in Abuja on Monday during the inauguration of engaged consultants for the revenue recovery drive by the RMAFC Chairman, Dr. Mohammed Shehu, and the Special Adviser to the President on Revenue and FIRS Chairman, Dr. Zacch Adedeji.

Speaking at the event, Dr. Shehu reaffirmed the Commission’s commitment to ensuring that all revenues due to the Federation are fully accounted for and transparently remitted.

“This exercise is not a routine administrative action but a deliberate, result-oriented innovation designed to strengthen fiscal governance and ensure every recoverable naira due to the Federation is transparently remitted,” he said.

He explained that the engagement of consultants was a strategic initiative aimed at identifying and recovering unremitted revenues, enhancing transparency, and boosting the fiscal capacity of the three tiers of government.

Shehu added that the effort aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises revenue expansion and accountability across government institutions.

“With the full support of Mr. President, the Special Adviser on Revenue, and the FIRS, this initiative seeks to trace and recover revenues across sectors of the economy that have not been remitted to the Federation Account,” Shehu stated.

FIRS Backs Exercise, Promises Inter-Agency Collaboration

Represented by the Coordinating Director of FIRS, Shettima Tamadi, Dr. Adedeji commended RMAFC for its proactive steps in driving revenue reform, pledging the Service’s support in achieving the goals of the programme.

“Nigeria has a huge revenue gap, but with stronger collaboration between agencies and partners, we can bridge that gap and achieve sustainable fiscal growth,” he said.

The FIRS chief noted that the agency’s cooperation with RMAFC will enhance efficiency, improve data sharing, and strengthen oversight on revenue flows to the Federation Account.

RMAFC Secretary, Joseph Okechukwu, urged the newly engaged consultants to work diligently and complete their assignment within the six-month timeframe, ensuring that all identified funds are promptly remitted.

“The consultants must ensure that every recoverable revenue is returned to the Federation Account to support national development priorities,” he said.

The lead consultant, Temitayo Ojeleke, who spoke on behalf of the team, described the assignment as a “national call to duty.”

“We accept this task as partners in Nigeria’s economic renewal and will deliver measurable results that strengthen the nation’s revenue base,” Ojeleke pledged.

The RMAFC said the recovery project marks a new phase in its effort to enhance transparency, accountability, and inter-agency collaboration, while maximising government revenues.

According to the Commission, funds recovered from the exercise will be channelled into critical development programmes and infrastructure financing to improve fiscal sustainability at federal, state, and local levels.