Dwindling Remittances By Agencies Has Dire Consequences On Economy – EFCC Boss Warns

By Matthew Ogune, Abuja
Acting Chairman of the Economic and Financial Crimes Commission, (EFCC) Mohammed Umar Abba, has expressed worry over dwindling remittances from revenue generating agencies into the Federation Account.

Abba disclosed this when a delegation of Post-mortem Sub-committee of Federation Account Allocation Committee (FAAC) led by its vice chairman, Chris A. Akomas weng on a working visit to EFCC’s corporate headquarters, Abuja.

The EFCC boss noted that it was a serious national issue that needed concerted efforts from the appropriate authorities to address, adding that not doing so will have dire consequences on the economy and developmental pace of the country.

While assuring the delegation of the Commission’s commitment to the cause, Abba disclosed that the EFCC has already begun work in the direction of the synergy with FAAC.

“We already have somebody who is attached to you as a liaison officer. This is in view of the enormity of the problem and the fact that it needs to be addressed. We will assist you, partner with you and ensure that any revenue generating organisation that did not remit revenue or continue to neglect the remittance of the necessary accruals to government is invited and asked questions as to why the expected accruals are not coming as and when due, before launching a full-scale investigation to ensure that the revenues are not lost,” Abba said.  

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He maintained that the commission was ready to assist the FAAC secure prompt and adequate revenue remittances to the Federation Account by revenue generating agencies of the federal government.

In his remarks, Dr. Akomas disclosed that FAAC following the declining remittances into the Federation Account, took a decision during its meeting of August, 2020 to take all needful steps to make every revenue generating agency of the federal government, live up to its responsibilities, which he further disclosed, resulted in the decision to liaise with the EFCC to get the job done.

The Post-mortem Sub-committee of FAAC was created in 2004 to keep an eye on contributors to the Federation Account. The sub-committee examines remittances into the account and makes evaluations in respect of submissions and reports by collecting and accounting agencies in the management of the account.