Emmanuel decries low revenue remittance into Federation Account

Akpan Umoh

The Akwa Ibom State governor, Mr Udom Emmanuel on Wednesday blamed the underdevelopment of Nigeria to low revenue remittances into the Federation Account.

According to him, if all revenue accruals were accurately accounted for and new approaches identified for increasing the national revenue; Nigeria would be better, especially at this period that the nation’s economy is witnessing a downturn.

The governor added that timely and accurate revenue remittances into the federation account was critical to the economic survival of the country.

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

The retreat was organised by the Post-Mortem Sub-Committee of the Federation Account Allocation Committee (FAAC) under the theme: “Evaluation of Issues Emanating from the Federation Account.”

Emmanuel noted that the theme was in consonance with the collective desire of Nigeria with a view to acknowledging that the country’s economy is 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 added to achieve the lofty purpose, it will require positive and determined efforts.

The governor urged the participants to make history as a part of the game-changing team in the nation’s revenue mobilisation drive.

“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.

“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,” Emmanuel said.

He 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.

He said the Sub-Committee among other things, was set up to carry out in-depth analyses of the component statements of the Federation Account 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.

He said that the committee periodically carries out biennial retreats and programmes with the aim of addressing specific issues bothering on the operation and management of the Federation Account.