The Nigerian Senate has provided insight into its decision to pass the Revenue Mobilisation, Allocation, and Fiscal Commission Bill, 2024.
According to the Senate, the bill aims to empower the Revenue Allocation and Fiscal Commission to reflect Nigeria’s emerging economic realities.
The proposed legislation seeks to replace the existing RMAFC Act of 2004 and revises the commission’s composition and operational framework.
This move is expected to ensure that federal, state, and local governments receive constitutionally mandated resources to address governance and developmental challenges.
Chairman of the Senate Committee on National Planning and Economic Affairs, Yahaya Abdullahi, emphasized the urgency of the commission’s reform.
He noted that the existing act, last revised over 20 years ago, no longer reflects Nigeria’s evolving economic realities.
The Senate’s passage of the RMAFC Bill comes on the heels of its approval of President Bola Ahmed Tinubu’s N1.767 trillion fresh external loan plan.
The Senate also approved a life sentence for drug offenders in Nigeria.