Nigeria’s Senate has announced the passage of a significant bill aimed at updating the Revenue Allocation and Fiscal Commission to better align with the country’s current economic landscape.
The legislation, titled the Revenue Mobilisation, Allocation, and Fiscal Commission Bill, 2024, is set to replace the outdated RMAFC Act of 2004.
The new bill revises the structure and operational guidelines of the commission, ensuring that federal, state, and local governments receive their constitutionally mandated shares of resources to tackle governance and development challenges effectively.
During the bill’s presentation, Yahaya Abdullahi, the Chairman of the Senate Committee on National Planning and Economic Affairs, emphasized the critical need for reform given Nigeria’s declining revenue and increasing population.
“The current Act, which was last amended over two decades ago, fails to capture the dynamic economic conditions of Nigeria. This proposed legislation aims to secure additional funding and implement a revamped operational model for the commission to enhance its effectiveness,” he stated.
In addition to this bill, the Senate also approved President Bola Ahmed Tinubu’s proposal for a new external loan of N1.767 trillion.
Furthermore, the Senate took a strong stance against drug-related offenses, approving a life sentence for drug offenders in Nigeria.
