The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) Act (Amendment) Bill passed second reading in the House of Representatives. The Bill which is sponsored by Hon. Abbas Tajudeen (APC: Kaduna) seeks to give the Revenue Mobilization, Allocation and Fiscal Commission jurisdiction to monitor, oversight and recommend the removal of executives in revenue generating agencies that defaulting on its constitutional mandate.
Leading the debate at the plenary session of Thursday, 1st December 2016, Hon. Tajudeen expressed dismay that over eighty- two (82) revenue generating agencies of the Federal Government do not remit funds into the Federation Account and as such, contribute only 6% to Nigeria’s GDP. He explained that if passed, the Bill would improve the revenue generating capacities of relevant agencies and promote transparency and accountability among Ministries, Departments and Agencies (MDA).
The House of Representatives unanimously agreed to his debate and referred the Bill to the Committee on Finance for further legislative input.
