From Abubakar Yunusa
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) amendment Bill on Wednesday scaled second reading at the Senate.
This was sequel to the presentation of the lead debate on the general principles of the bill by the sponsor, Olubumi Adetunmbi, during plenary.
The bill is titled “A Bill for an Act to Repeal and Re-enact the Revenue Mobilisation Allocation and Fiscal Commission Act, 2023”.
Leading the debate, Mr Adetunmbi said that the bill was read for the first time on 4 March.
He said that the bill sought to reinforce the mandate and powers of the commission as a body saddled with the responsibility of monitoring revenue generation and disbursement on behalf of the people and government of Nigeria.
”It also seeks to make it unlawful for any Commission, Board or revenue generating agency of the Government of the Federation to withhold remittance into the Federation Account of revenues.
“The commission in spite of being a body established by the Constitution, and whose independence is further guaranteed by the Act establishing it, has been hamstrung by certain limitations.
“In a world faced with the twin challenges of dwindling revenue and spiraling population and its attendant pressure on scarce resources, the imperative for a prudent management and effective utilisation of our Nigeria’s commonwealth cannot be over-emphasised.
“This is particularly instructive bearing in mind that the Act came into force in 2004 and has not been updated to reflect the changing realities of the time,” he said.
The lawmaker said that the passage of the bill would provide the much needed economic stimulus for Nigeria as it would engender public fiscal transparency and accountability.
Senate President, Ahmad Lawan, thereafter, refered the bill to the Senate Committee on National Planning and Economic Affairs for further legislative action and to report back in four weeks.
Meanwhile, the Senate has adjourned until 25 April for Easter and Sallah holidays.
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