Uko Okon, Uyo
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has proposed reviewing Nigeria’s revenue allocation formula to enhance fiscal management and promote economic development.
According to the Commission, reviewing the formula every five years, as stipulated by the Constitution, would ensure equitable revenue distribution among the three government tiers.
This was part of the communique that reached the end of a three-day retreat for RMAFC members and management staff held in Uyo, Akwa Ibom State.
The communique was signed by the Chairman and Secretary of the Commission, Muhammad Shehu and Joseph Okechukwu, respectively, and read by the Chairman of the Public Affairs and Communication Committee of the Commission, Ismail Agaka.
The Communique added that Section 162 (2) of the constitution should be amended to specify the time frame within which the President will present the RMAFC proposal on the review of the Revenue Allocation Formula to the National Assembly upon receipt from the Commission.
It resolved to intensify its constitutional mandate of monitoring revenue accruals to ensure that all revenue due to the Federation Account is remitted accurately and promptly by the Revenue Generating Agencies;
The Commission also called for a constitutional amendment to allow the inclusion of the Local Government Chairmen and Councillors among the beneficiaries of the remuneration package listed in the 1999 Constitution of the Federal Republic of Nigeria as amended.
It also resolved to establish mechanisms to enhance fiscal management in relation to advisories on revenue, expenditures, and debt management, even as it called for the creation and domicile of the Office of the Accountant General of the Federation at the RMAFC,a federal agency.
The communique read, “In line with the constitutional provision, the Commission should review the revenue allocation formula statutorily every 5 (five) years
“Section 162 (2) of the constitution should be amended to specify the time frame that the President will present the proposal of the RMAFC on the review of Revenue Allocation Formula to the National Assembly upon receipt from the Commission;
“There should be constitutional amendment to allow the inclusion of the Local Government Chairmen and Councillors among the beneficiaries of the remuneration package listed in the 1999 Constitution of the Federal Republic of Nigeria as amended;
“Section 162(6) of the constitution should be amended to ensure that the allocations of the Local Governments are paid directly to them from the Federation Account in line with the Supreme Court ruling delivered on July 11th, 2024 on Local Government financial autonomy;
“The Commission to intensify its constitutional mandate of monitoring revenue accruals to ensure that all revenue due to the Federation Account are remitted accurately and promptly by the Revenue Generating Agencies;
“The Commission should establish a National Revenue Dashboard that will interface with all the revenue generating agencies for digital real-time monitoring of revenue inflows from them.
“The RMAFC should put in place mechanisms to enhance its function in the area of fiscal management as it relates to advisories on revenue, expenditures and debt management;
“The Commission should advocate for the amendment of relevant section of PIA to enable the expansion of the present Board of the Nigeria National Petroleum Company Limited to include the representatives of some major stakeholders such as the State, Local Government, CBN, etc.; and
“The Office of the Accountant General of the Federation to be created and domiciled at the RMAFC which is a Federation Agency,” the statement added.
Our correspondent reports that the Retreat’s theme was “Understanding the Role of Revenue Mobilisation Allocation and Fiscal Commission and other Stakeholders/Agencies in Nation Building.”
