From Victir Osula, Abuja
The National Economic Council (NEC) has approved the draft legislation seeking to repeal and renew the law establishing the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
It also approved a recommendation to allocate 0.05% of non-oil Federation revenue to the Commission.
The RMAFC is an agency saddled with the responsibility of monitoring accruals to the federation account and the disbursement of same. It also determines the remuneration appropriate for political office holders including the President, Vice President, Governors, and their Deputies, as well as legislators and other political appointees.
Briefing newsmen after the NEC meeting on Thursday, chaired by Vice president Kashim Shettima, Anambra State Governor, Charles Soludo, said the council arrived at its resolution after it was briefed by the Chairman of the RMAFC.
He said the need for the renewal of the law establishing the commission was emphasised and the council saw reason to endorse it and directed that the proposed bill be sent to the National Assembly for legislative action.
His words: “Among the issues discussed at today’s (Thursday) NEC was the presentation of a report in respect of an earlier presentation by the chairman of the Revenue Mobilisation Allocation and Fiscal Commission to NEC on the 21st of November, 2024 seeking essentially revised or repeal the existing Act of Parliament establishing the Commission and to replace it with a new one.
“Then it is also seeking for revision, I mean a review about alternative funding to the institution. So the report elaborately noted the very onerous responsibilities of RMAFC and as a very beautiful institution in the functioning of Federation, and noted the inadequate funding for this institution to be able to perform its tasks.
“NEC also noted the draft repeal and replace legislation that was also pending and after deliberating on this, the Council noted and approved as follows. First is that RMAFC should forward the draft bill to the National Assembly for consideration and passage into law.
“The Council also approved the recommendation for improved funding for RMAFC and approved that the Commission be funded with 0.05% non-oil federation revenue based on the proposed tax reforms and subject to further scrutiny by the National Assembly. I know the Commission had requested for 0.75% but in the wisdom of NEC, it was awarded 0.05% of course, subject to review by the National Assembly.”
