RMAFC
RMAFC Strengthens Fiscal Oversight with Central Bank Monitoring Committee
Olayiwola Mercy
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has launched a Central Bank Monitoring Committee (CBMC) to oversee revenue inflows and disbursements from the Federation Account held with the Central Bank of Nigeria (CBN). This committee aims to strengthen oversight mechanisms on the management of federation revenues.
The key objectives of the CBMC include ensuring transparency and accountability in managing federation revenues by closely monitoring revenue accruals and disbursements from the Federation Account. It also seeks to address revenue shortfalls and widening fiscal deficits across all levels of government through effective oversight. Additionally, the committee will foster strong relationships with the CBN and other relevant institutions to achieve its objectives.
The CBMC is tasked with tracking revenue inflows and disbursements from the Federation Account, evaluating the committee’s oversight functions, and identifying areas for improvement. It will also deliberate on issues critical to fiscal transparency and national economic planning.
RMAFC Chairman, Dr. Mohammed Bello Shehu, has expressed commitment to repositioning the commission to deliver on its mandate. He assured members of the committee of leadership support to overcome operational challenges, underscoring the commission’s dedication to effective revenue management and fiscal oversight.
