RMAFC Credits FIRS Chairman’s Efforts for Stabilizing Nigeria’s Economy

The Federal Inland Revenue Service and the Revenue Mobilisation Allocation and Fiscal Commission have inaugurated a joint technical committee to strengthen tax revenue monitoring and boost fiscal sustainability at all government levels.

RMAFC Inland Revenue Monitoring Committee chairman, Bimbo Kolade, commended FIRS for generating about 65 percent of the total funds shared among the three tiers of government in 2024, surpassing oil revenue.

He said, “If not for the wonderful job our chairman has been doing since September 2023 at the Service, Nigerians may have been crying a little more with what we have passed through.

“With your dedication, commitment and stellar performance, we can see that the country has been the better for it. I also want to congratulate Dr Adedeji on the success of the Tax Reform Bills.

“We could see the initial misunderstanding that came with the Bills, even the little between RMAFC and FIRS on the issue of VAT allocation and the rest of them.

“But then, because of the kind of person the FIRS chairman is, he called our chairman, and it was resolved.”

Kolade further explained that the IRMC’s role is to monitor all accruals into the federation accounts.

“At RMAFC, we have various committees that oversee various parts of government organisations that we need to monitor. One of the federal agencies is FIRS.

“This IRMC was put in place to monitor tax revenue by ensuring that all taxes such as Value-Added Tax, Companies Income Tax and the rest are properly collected and remitted into the federation accounts,” he said.