Business
RMFAC Installs ICT To Enhance Its Operations
The Revenue Mobilisation, Allocation and Fiscal Commission (RMFAC), says it has commenced the installation of Integrated Information Technology System (IT) to ensure easier link with Federal Government agencies.
This is contained in a publication tagged; ‘Fiscal Monitor’ made available to newsmen in Abuja, yesterday.
The report stated that the installation was aimed at ensuring accurate monitoring of revenue accruing from sources to the federation account, and disbursement of same by the commission.
According to the publication, the commission has previously relied on old method of data collation and physical inspection of papers of agencies for monitoring accruals and remittances.
It described the method as unreliable, inaccurate and slow in terms of data gathering, computation and references.
“Initially, allocation of revenue has been implemented with minimal input of modern information technology systems, which has been a big challenge in the area of easy reference, among other problems.
“The essence of the automation is to minimise human errors, increase rate of accuracy, and develop figures and data set that can be easily referenced.
“Automation will also lead to increased revenue generation accuracy, an application which will capture online and real time, all inflow into the federation account, from the revenue generation bodies,” it noted.
The report said that unless the revenue generation process was automated, there was no real value in analysing and defining it.