The House of Representatives Committee on Finance has approved N105.14 billion as the 2025 budget for the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), with a strong assurance of close oversight on its implementation.
The approval was granted during a budget defence session held on Tuesday at the National Assembly, where RMAFC’s Chairman, Mohammed Shehu, led the management team to present the agency’s fiscal plans for the year.
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The approval by the committee comes after the commission reportedly got allocation of N10.3 billion from the Federation Account for April and May.
It also comes about six months after the National Economic Council (NEC) approved the commission’s request to seek a National Assembly amendment to its existing Act and to provide an alternative unding source.
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This include approval of 0.05 per cent of non-oil federation revenue as an alternative funding source for the commission.
Status and functions
RMAFC is a non-revenue generating agency of the government.
Its functions as provided under Paragraph 32(a-e) of Part I to the Third Schedule of the Constitution, include monitoring the accruals to and disbursement of revenue from the Federation Account; reviewing, from time to time the revenue allocation formulae and principles in operation to ensure conformity with changing realities; advise the federal and state Governments on fiscal efficiency and methods by which their revenue can be increased; determining the remuneration appropriate for political officeholders including the President, Vice President, Governor Deputy Governors, Ministers, Commissioners, Special Advisers, Legislators and the holders of the offices mentioned in Sections 84 and 124 of this Constitution; and discharging such other functions as are conferred on the Commission by this Constitution or any Act of the National Assembly.
Budget breakdown
Breaking down the figure during the session, Mr Shehu explained that N20.6 billion is earmarked for personnel costs, N8.9 billion for overhead, while a significant N75.5 billion, representing 71.8 per cent of the total budget, is projected for capital expenditure.
He praised the committee for spearheading the recent amendment to the RMAFC Establishment Act, noting that the legal reform has strengthened the Commission’s capacity to deliver on its constitutional responsibilities.
In his remarks, the Chairman of the Finance Committee, James Faleke (APC, Lagos), said the committee had thoroughly reviewed the budget details and found the estimates satisfactory.
He stressed that while the National Assembly prepares to embark on its annual recess, the committee expects 30 to 40 per cent budget implementation by the time lawmakers resume.
With the committee’s nod, the appropriation bill is now expected to proceed to the Committee of the Whole for a third reading, after which it will be forwarded to the president for assent.
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