Nigeria’s Senate on Thursday explained that it passed a bill to empower the Revenue Allocation and Fiscal to reflect emerging economic realities.
The proposed legislation, known as the Revenue Mobilisation, Allocation, and Fiscal Commission Bill, 2024, is expected to replace the existing RMAFC Act of 2004.
Accordingly, the bill revises the commission’s composition and operational framework to ensure that federal, state, and local governments receive constitutionally mandated resources to address governance and developmental challenges.
Presenting the bill, the Chairman of the Senate Committee on National Planning and Economic Affairs, Yahaya Abdullahi, highlighted the urgency of the commission’s reform in light of Nigeria’s dwindling revenue and growing population.
“The Act, last revised over 20 years ago, no longer reflects Nigeria’s evolving economic realities. This bill proposes additional funding and a restructured operational framework for the commission to improve its efficiency,” he said.
THE TRUTH reported that the Senate also approved President Bola Ahmed Tinubu’s N1.767 trillion fresh external loan plan.
Similarly, the Red Chamber approved a life sentence for drug offenders in Nigeria.
