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ECONOMIC COUNCIL APPROVES NEW REVENUE COMMISSION LEGISLATION
The National Economic Council (NEC), chaired by Vice President Kashim Shettima, has endorsed a draft bill to repeal and renew the law establishing the Revenue Mobilization Allocation and Fiscal Commission (RMAFC). This decision followed deliberations at the council’s last meeting for 2024, as revealed by Anambra State Governor, Professor Charles Soludo, during a media briefing.
Highlights of the Council’s Resolutions:
Legislative Renewal of RMAFC Law:
- The council reviewed and approved a draft bill to replace the current law governing RMAFC.
- The proposal will be forwarded to the National Assembly for consideration and passage.
Enhanced Funding for RMAFC:
A. The council endorsed the allocation of 0.05% of Nigeria’s non-oil revenue to RMAFC to support its operations.
B. The original request of 0.75% was reduced by NEC, subject to National Assembly review.
Justification for Reforms:
i. The RMAFC Chairman highlighted the commission’s pivotal role in managing federation account accruals and determining remuneration for political officeholders.
ii. NEC acknowledged the critical need for robust funding to enable the commission to fulfill its duties effectively.
The RMAFC plays a vital role in Nigeria’s fiscal governance, including monitoring revenue inflows, disbursements, and setting remuneration for public officials. The council’s endorsement underscores its commitment to enhancing the commission’s efficiency and capacity.
