Investigations have revealed that banks collecting revenues for the government have failed to remit N74.1bn into the Federation Account between July 2012 and December 2015.
The Revenue Mobilisation Allocation and Fiscal Commission, which announced this in a statement made available to our correspondent in Abuja on Tuesday, said a total of N57.7bn had so far been recovered.
The commission has also issued demand notices to the banks for another N16.4bn that has yet to be recovered from the banks appointed to collect revenues on behalf of government agencies that generate revenues.
The banks were appointed to collect revenues on behalf of Federal Inland Revenue Services, the Nigeria Customs Service and the Department of Petroleum Resources.
The Acting Chairman, RMAFC, Umar Gana, disclosed this at the headquarters of the commission, according to a statement issued in Abuja on Tuesday by the Head of Public Relations, Ibrahim Mohammed.
Gana said while N48.7bn of the recovered money had been paid into the Federation Account, N9.07bn relating to withholding tax on dividend only had been released to the benefitting states Boards of Internal Revenue.