NEC approves 0.05% funding increase for RMAFC from non-oil revenue sources

The National Economic Council (NEC) has recommended a 0.05% increase in funding for the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to be sourced from non-oil revenues.

Governor Chukwuma Soludo of Anambra State disclosed this on Thursday while addressing State House correspondents after the NEC meeting, presided over by Vice President Kashim Shettima in Abuja.

According to Soludo, the RMAFC had initially requested a 0.75% allocation, but NEC settled on 0.05% after careful deliberation, with the provision that the proposal would be subject to review by the National Assembly.

“The commission requested 0.75%, but in the wisdom of NEC, it approved 0.05%, subject to review by the National Assembly,” Soludo explained.

The governor further revealed that the commission was advocating for the repeal and replacement of its founding legislation to reflect the need for alternative and sustainable funding mechanisms.

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“The report noted the very onerous responsibilities of the RMAFC and the inadequate funding for this institution, which has made it difficult to perform its tasks,” Soludo stated.

To address these challenges, the NEC directed the commission to submit the proposed draft legislation to the National Assembly for consideration and passage.

“Council noted the draft repeal and replacement legislation that is pending and, after deliberation, directed the commission to forward the draft bill to the National Assembly for consideration and passage into law,” he added.

The proposed funding increase is aimed at enabling RMAFC to better execute its mandate of equitable revenue allocation and fiscal oversight.

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