How FG recovered N474m excise duty from Guinness

The Revenue Mobilisation Allocation and Fiscal Commission on Monday said it had recovered over N474m excise duty from Guinness Nigeria Plc.

The Chairman of the commission, Elias Mbam, said the recovered money had been remitted into the Federation Account, as he explained that the firm initially failed to make the remittance.

Mbam disclosed this in a statement issued in Abuja by the commission’s Public Relation Officer, Christian Nwachukwu.

He said, “The RMAFC has recovered over N474m into the Federation Account from Guinness Nigeria Plc as unremitted excise duty.”

He said this was part of the progress recorded by the commission’s verification exercise on selected manufacturing companies in Nigeria that pay excise duty into the Federation Account.

The RMAFC boss commended the in-house committee on Customs Revenue Monitoring, as he noted that excise duty was one of the major revenues collected by the Nigerian Custom Service into the Federation Account.

According to him, the account was currently recording low revenue generation because of noncompliance by some manufacturing industries.

Mbam said it was important to give adequate attention to excise duty payment into the Federation Account by manufacturing industries in order to increase revenue inflow to the Federal Government. Punch