The legislation entitled, ‘A Bill for an Act to Repeal the Revenue Mobilization, Allocation and Fiscal Commission Act, Cap. R7 Laws of the Federation of Nigeria, 2004 and Enact the Revenue Mobilization, Allocation and Fiscal Commission Bill to Grant the Commission Enforcement Powers in the Monitoring of Accruals to and Disbursement of Revenue from the Federation Account and to bring the Act in conformity with the provisions of the 1999 Constitution (as amended) and for Related Matter, 2024″, was presented by Bamidele Opeyemi, the Senate Leader for concurrence during plenary on Tuesday.
The current functions of the Commission as provided under Paragraph 32(a-e) of Part I to the Third Schedule of the 1999 Constitution of the Federal Republic of Nigeria (As Amended) are: to monitor the accruals to and disbursement of revenue from the Federation Account; review, from time to time the revenue allocation formulae; determine the remuneration appropriate for political officeholders; among others.
The new legislation, however, seeks to also enable the commission to apply sanctions in case of violation by government agencies as regards revenue.
The legislation further seeks to make it unlawful for any agency of the government of the federation to withhold remittance into the federation account of revenues.
During the debate on the bill on Tuesday, Adeola Olamilekan, Senator representing Ogun West noted that the bill seeks to repeal the entire Act, and not just a section, hence the need for thorough legislative action on the Bill.
He recommended more time for lawmakers to peruse the bill. Several other lawmakers supported his position.
Senate President Godswill Akpabio then referred the bill to the Committees on Finance, National Planning and Economic Matters, appropriation for a clause-by-clause consideration and revert within four weeks.
