The Federation Account Allocation Committee has expressed its readiness to probe the N90bn allegedly underpaid into the Federation Account by the Federal Inland Revenue Service.
The Chairman, Commissioners Forum of FAAC, Mahmood Yunusa, said this in a chat with journalists in Abuja on Sunday. He alleged that the amount, which the FIRS paid into the Federation Account in May, showed a decline of about N90bn, adding that the committee would engage the service to investigate the reasons for the underpayment. Yunusa said, If you look at the FAAC report, there was a sharp drop in FIRS May and June collections, but there was no opportunity for us to actually engage the FIRS for them to explain to us why there was a sharp drop.
He added, At state level, we are very willing to cooperate with the FIRS when it comes to VAT (Value Added Tax) remittance, because we know as states that we even benefit more than the Federal Government when it comes to VAT. We are willing to work with FIRS to increase the generation of all the taxes that can be increased for the benefit of the entire country. It is not just the NNPC; if the Customs are not doing well, we will engage them. We have been asking this question, we have been engaging them. Every revenue generating agency has a target, and we will apply the necessary rules to ensure that we take value for why every revenue generating agency was established.
(Punch)
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