The Senate on Thursday passed a bill that seeks to empower the Revenue Mobilisation, Allocation, and Fiscal Commission (RMAFC) to monitor accruals to, and disbursements from, the Federation Account.
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The Senate passed the bill following its consideration and adoption of the report by its Committees on National Planning and Economic Affairs, Finance, and Appropriations during plenary.
The proposed legislation, according to the chairman of Senate Joint Committees on National Planning and Economic Affairs, Finance and Appropriations, Senator Yahaya Abdullahi, seeks to repeal the RMAFC Act, 2004, and replace it with the Revenue Mobilisation, Allocation, and Fiscal Commission Bill, 2024.
The proposed law, he said, revised the composition and operational framework of the Commission to ensure that federal, state, and local governments receive the constitutionally mandated resources necessary to address governance and development challenges.
To enhance the Commission’s efficiency, he said the bill proposed additional funding, allowing RMAFC to effectively discharge its constitutional responsibilities.
Abdullahi emphasised the importance of the amendment of the Bill amid dwindling national revenues and Nigeria’s rapidly growing population.
He stated that the Act, last updated over two decades ago, no longer reflects the nation’s evolving economic realities.
According to him, the primary objective of the bill is to reinforce the mandate and powers of the RMAFC as the constitutionally recognised body responsible for monitoring revenue generation and ensuring its equitable disbursement among the three tiers of government.
He noted that the Bill prescribes a revamped structure and operational method for the Commission, ensuring that federal, state, and local governments are adequately resourced to meet governance and developmental challenges.
“In the conduct of this onerous task the Commission requires adequate funding from the Federation Account, the lack of which has hitherto hampered the effective performance of its Constitutional responsibilities,” he said.
Senators approved the amendments to the Bill when the Deputy Senate President, Barau Jibrin, put the recommendations in the report to voice vote.
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