Ekiti Commissioner heads RMAFC revenue allocation committee

Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Engr Elias Mbam on Thursday inaugurated chairmen and members of the commission’s standing committees with Mr Philip Ajayi Amujo from Ekiti State emerging as Chairman, Revenue Allocation Formula committee.

Mbam who performed the inauguration during a plenary meeting said the commission was constitutionally empowered to Monitor the accruals to and disbursement of revenue from the Federation Account; Review, from time to time, the revenue allocation formulae and principles in operation to ensure conformity to changing realities.

The commission he added is also to; Advise the Federal, State and Local Governments on fiscal efficiency and methods by which their revenue can be increased; and Determine remunerations appropriate for Political/Public Office Holders.

The 12 standing committees will look into the review of the present revenue sharing formula of the federation as well as ways to expand the revenue base of the nation.

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According to Mbam,  the President also tasked them to concentrate on increasing the non-oil revenue sources, especially solid minerals.

He urged the committee members to also look into promoting policies that would further strengthen the Commission’s ability to block revenue leakages from the Federation Account.

The 12 committees formed are the Indices and Disbursement Committee, Federal Allocation Account Committee, Crude Oil Monitoring Committee, Inland Revenue Monitoring Committee and the Revenue Allocation Formula Committee.

Also, the committees on Customs Revenue Monitoring, Solid Minerals Monitoring, Remuneration and Monetisation, Fiscal Efficiency and Budget, Mobilisation and Diversification as well as investment committee were set up.