The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has recommended a five-year periodic review of the nation’s revenue allocation formula in line with the constitutional provisions.
The commission also called for an amendment of the Nigerian constitution to allow local government chairmen and councillors to be listed among beneficiaries of the renumeration package listed in the 1999 constitution of Nigeria as amended.
It also requested the amendment of Section 162 (2) of the constitution to specify the time frame within which the President will present the RMAFC’s proposal on the review of the Revenue Allocation Formula to the National Assembly upon receipt from the commission.
In addition, RMAFC called for the amendment of Section 162(6) of the constitution 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.
RMAFC expressed commitment to its constitutional mandate of monitoring revenue accruals to ensure accurate and prompt remittance of revenues by the generating agencies.
These were contained in a communique issued at the end of a three-day retreat organised by the commission held in Uyo, with the theme “Understanding the Role of Revenue Mobilization and Fiscal Commission and other Stakeholders/Agencies in Nation Building.”
Briefing newsmen while presenting the communique, the Chairman of RMAFC, Dr. Mohammed Shehu, explained that the recommendations were based on observations made during paper presentations and discussions at the retreat.
Shehu, who was represented at the briefing by Ismail Agaka, Chairman Public Affairs and Communication Committee of the Commission, said there was an urgent need to review the allocation formula to reflect the realities as enshrined in the 1999 constitution, considering the current formula has been in existence for over 16 years.
The commission also recommended the establishment of a National Revenue Dashboard that would interface with all the revenue-generating agencies for digital, real-time monitoring of revenue inflows.
According to the chairman, the retreat advocated for the need to separate the Office of the Accountant General of the Federation from the Office of the Accountant General of the Federal Government, stressing that the Office of the Accountant General of the Federation should be domiciled at the RMAFC as a federal agency.
The commission emphasised the need to intensify its constitutional mandate of monitoring revenue accruals to ensure revenues due to the Federation Account were remitted accurately and promptly by the revenue-generating agencies.
RMAFC also pledged to 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.
