On Thursday, the Nigerian Senate clarified its position regarding the passage of a significant piece of legislation designed to empower the Revenue Mobilisation and Fiscal Commission (RMFC) in response to evolving economic dynamics.
The proposed legislation, known as the Revenue Mobilisation, Allocation, and Fiscal Commission Bill of 2024, is set to replace the existing RMAFC Act of 2004.
This bill aims to reformulate the commission's composition and operational framework to ensure that federal, state, and local governments receive the constitutionally mandated financial resources necessary for addressing pressing governance and developmental challenges.
During the presentation of the bill, Yahaya Abdullahi, Chairman of the Senate Committee on National Planning and Economic Affairs, emphasized the critical necessity for reform within the commission, particularly given Nigeria's declining revenue streams and rising population pressures.
“The current Act has not been amended in over twenty years and no longer accurately represents Nigeria’s dynamic economic landscape.
This proposed legislation seeks to facilitate additional funding sources and implement a restructured operational framework, thereby enhancing the overall efficiency and effectiveness of the commission,” he remarked.