The National Economic Council (NEC) has endorsed the draft legislation seeking to repeal and renew the law establishing the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).
Anambra State Governor, Professor Charles Soludo revealed this while briefing the media on the outcome of the last meeting of the council for the year 2024, chaired by Vice President Kashim Shettima.
Professor Soludo stated that the council arrived at its resolution after it was briefed by the Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).
He said the need for the renewal of the law establishing the commission was emphasized and the council saw reason to endorse it and directed that the proposed bill be sent to the National Assembly for legislative action.
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“Among the issues discussed at today’s NEC was the presentation of a report in respect of an earlier presentation by the Chairman of the Revenue Mobilization and Fiscal Allocation Commission (RMAFC) to NEC on The 21st of November, seeking essentially revised or repeal the existing Act of Parliament establishing the commission and to replace it with a new one.
“After deliberating on this, the council noted thus and approved that RMAFC should forward the draft bill to the National Assembly for consideration and passage into law,” he said.
On the issue of inadequate funding of RMAFC, the Governor said the council endorsed the allocation of 0.05 percent of the nation’s revenue to the commission, to enable it carry out its duties.
“The report given by the Chairman of RMAFC also sought for a review of alternative funding to the institution. So, the report elaborately noted the very onerous responsibilities of RMAFC as a very beautiful institution in the functioning of the Federation and noted the inadequate funding for this institution to be able to perform its tasks.
“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 subjected to further scrutiny by the National Assembly.
“I know the commission had requested for 0.75 percent but in the wisdom of NEC, it was granted 0.05% of course, subject to review by the National Assembly,” Governor Soludo explained.
The Revenue Mobilization Allocation and Fiscal Commission 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.
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