The Nigerian Senate has passed the Revenue Mobilisation, Allocation, and Fiscal Commission (RMAFC) Bill, 2024, aimed at modernizing the commission’s framework to reflect current economic realities.
The bill, which will replace the RMAFC Act of 2004, revises the commission’s composition and operational guidelines to ensure equitable resource distribution among federal, state, and local governments.
Presenting the legislation, Senator Yahaya Abdullahi, Chairman of the Senate Committee on National Planning and Economic Affairs, emphasized the importance of reform in the face of Nigeria’s declining 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,” Abdullahi stated.
The bill’s passage is part of broader legislative efforts to tackle Nigeria’s governance and developmental challenges. Earlier, the Senate approved President Bola Ahmed Tinubu’s N1.767 trillion external loan request and endorsed a life sentence for drug offenders in the country.
