Banks fail to remit n74 1bn govt revenues rmafc

It appears that you're referring to a news article or report about the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) in Nigeria. Here's a summary of the issue:

The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) has accused some commercial banks in Nigeria of failing to remit N74 billion (approximately $200 million) in government revenues. This is a significant amount of money that is supposed to be collected and remitted to the government by the banks.

The RMAFC is responsible for monitoring and ensuring that government revenues are properly collected and allocated. According to the commission, the banks have been defaulting on their obligations to remit government revenues, which is a serious breach of their fiduciary duties.

The RMAFC has called on the banks to take immediate action to rectify the situation and remit the outstanding revenues to the government. The commission has also threatened to take further action, including legal action, if the banks fail to comply with their obligations.

This issue highlights the importance of effective revenue collection and management in Nigeria. The government relies heavily on revenue from taxes, oil, and other sources to fund its activities and provide public services. Any failure to collect and remit revenues can have serious consequences for the government's ability to function effectively.

It's worth noting that this is not the first time that banks in Nigeria have been accused of failing to remit government revenues. In the past, there have been several instances of banks defaulting on their obligations to remit revenues to the government. This has led to tensions between the government and the banks, and has raised concerns about the effectiveness of the country's revenue collection system.

Overall, the issue of banks failing to remit government revenues is a serious one that requires immediate attention and action. The government and the banks must work together to resolve this issue and ensure that revenues are properly collected and remitted to the government.