Revenue Mobilization Allocation and Fiscal Commission, RMAFC has express satisfaction over the proposed budget of president Muhammadu Buhari to the national assembly adding that the budget will address the commission’s mandate particularly monitoring and disbursement of revenue from the federation account.
The RMAFC is also mandated to ensure timely remittances by all revenue generating agencies into the federation account for the rapid development of the country.
In a Press Statement signed by the commission’s spokesperson, Mr. Ibrahim Mohammed in Abuja yesterday, the Commission, expressed delight that the major highlights of the proposed budget as submitted to the National Assembly by President Muhammadu Buhari are in line with the Commission’s mandate particularly monitoring the accruals to and disbursement of revenue from the federation account and advising the federal and state governments on fiscal efficiency and methods by which their revenue can be increased amongst others.
Mohammed in the statement recalled that beyond mobilizing revenue from traditional sources namely oil and gas and the Non-oil sector, RMAFC has in the last two years been effectively engaged in promoting economic diversification through advocacy and mass mobilization campaign aimed at boosting the revenue base of the nation and reducing overdependence on oil revenue by states and local governments despite the abundance of human and natural resources in the country which is the bane of Nigeria’s economic development.
In this regard, he disclosed that the Commission had between 2011 and 2013 visited all the six (6) geo-political zones of the country to sensitize Governments at all levels and Stakeholders on the danger and negative consequences of continuous operation of a single-product economy, and the urgent need to diversify the productive base and revenue sources of the nation adding that for the first time ever, substantial revenues have been derived from the Solid Minerals Sector in the last few months and payment of 13% derivation paid to contributing states to encourage massive exploration of minerals which abound in all parts of the country.
The Commission according to him will continue to engage critical stakeholders like the Federal Ministry of Industry, Trade and Investment, the Customs Service, Federal Inland Revenue Service, NNPC, Department of Petroleum Resources and the Central Bank of Nigeria to devise strategies of reducing revenue leakages to the barest minimum.
The Commission, the Statement explains also observed that revenues from Stamp Duty have not been remitted into the Federation Account. “Consequently, the Commission in conjunction with other relevant Agencies including NIPOST, FIRS, CBN and OAGF, has commenced the process of reconciling revenue accruable to the Federation Account from Stamp Duty collections”.
With regards to the removal of oil subsidy by government, the commission lauded the bold and courageous steps taken by the President noting that subsidy on petroleum products has become a major fiscal and financial burden to the Nation and should therefore be discarded totally since the intended targets, the poor and middle income class were often denied the benefits of the subsidy adding that the removal will drastically reduce the pressure on the revenue profile of the Country just as it will free additional funds for the execution of developmental projects which would have direct bearing on the masses.