The Nigerian government has inaugurated the new board of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), marking a key step in its pursuit of fiscal sustainability, revenue efficiency, and national development. The inauguration ceremony featured opening remarks emphasizing the importance of the RMAFC’s role in guiding Nigeria’s fiscal policies.
During the ceremony, government representatives commended the Chairman and urged the newly inaugurated board members to uphold the highest standards of integrity, competence, and excellence in their work. The RMAFC’s mandate is enshrined under Section 153(1) of the 1999 Constitution of Nigeria, highlighting the significance of its role in the country’s governance structure.
The current administration has articulated a strong commitment to implementing bold fiscal reforms, diversifying revenue sources, and enacting economic policies that foster sustainable growth. This message was conveyed as a clear charge to the new RMAFC board members, emphasizing their vital role in driving the government’s transformation agenda.
The RMAFC is responsible for determining the appropriate revenue allocation formula for the three tiers of government in Nigeria: federal, state, and local. This is a critical function that impacts the distribution of resources and the ability of each level of government to deliver essential services to its citizens. The commission also plays a key role in monitoring revenue accruals and ensuring accountability in the management of public funds.
The government has expressed confidence that, working together, the RMAFC board can contribute significantly towards building a more prosperous and equitable Nigeria. The focus remains on achieving shared goals of economic growth, social development, and improved governance through sound fiscal policies and effective revenue management.
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