The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Dr. Muhammed Bello Shehu, has described the signing into law of the RMAFC and tax reform bills by President Bola Tinubu as historic.
Dr Shehu on Monday thanked the President for what he described as the bold and transformative steps he took to reform Nigeria’s fiscal landscape through the signing of the tax reform and the RMAFC bills.
He said, “These landmark legislative achievements not only underscore the administration’s dedication to enhancing transparency, accountability, and efficiency in revenue generation and allocation but also lay a solid foundation for sustainable economic growth and national development.”
The Senate had, in November last year, passed the Bill to empower RMAFC to monitor accruals to, and disbursements from, the Federation Account.
The legislation repeals the RMAFC Act, 2004, and replaces it with the Revenue Mobilisation, Allocation, and Fiscal Commission Act, 2024. The law 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.
The new law also proposes additional funding, allowing RMAFC to discharge its constitutional responsibilities effectively.
The primary objective of the law 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.
The RMAFC Chairman stated that the signing of the Act has given the commission more leverage in its operations.
He assured the President of the commission’s continued support and steadfast collaboration in implementing these far-reaching reforms.
He said the tax reform bills represent a milestone in the nation’s ongoing efforts to improve revenue generation, reduce dependence on oil revenue, and enhance economic diversification.
“By streamlining and modernising the tax framework, these reforms are expected to strengthen compliance, broaden the tax base, and stimulate inclusive economic growth across all sectors,” he said.
“By signing these bills into law, President Tinubu has not only demonstrated a strong commitment to the welfare of our citizens and the prosperity of our nation, but he has also proved beyond doubt that he understands the socio-economic situation of the nation.
“There is no doubt that the tax reforms will bring great relief to low-income earners who, until now, were compelled to pay taxes while struggling to survive on their meagre means of sustenance.
“We also acknowledge the tireless efforts of the members of the National Assembly, particularly the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Rt Honourable Tajudeen Abbas.
“Additionally, we appreciate the Attorney General of the Federation, Chief Lateef Olasunkanmi Fagbemi, along with policymakers and other stakeholders, who worked collaboratively to make this reform a reality.”
