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Business Finance Info & Updates

RMAFC recovers N474m from Guinness Nigeria

Barely one month after Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) threatened to use all instruments available to recover revenues accruable to the federation account. Yesterday, announced that it has recovered over N474 million  from Guinness Nigeria Plc as unremitted excise duty. Disclosing this  at the  weekend in Abuja, Chairman of the commission, Elias Mbam, said that the recovery was part of the progress recorded by the commission’s verification excise on selected manufacturing companies in Nigeria that pay excise duty into the federation account.

In a statement, the Public Relations Officer (PRO)  of the commission, Mr Christian  Nwachukwu,  said that the chairman  commended the in-house committee on Customs Revenue monitoring, saying  that the excise duty is one of the major revenues collected by the Nigeria Customs Service (NCS) into the federation account which is currently recording low revenue generation because of non-compliance by some manufacturing industries.

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