Tag revenue mobilisation allocation and fiscal commission rmafc
A very specific topic!
RMAFC stands for Revenue Mobilization Allocation and Fiscal Commission, which is a Nigerian government agency responsible for:
- Revenue Mobilization: RMAFC is responsible for ensuring that the federal government receives its fair share of revenue from the Federation Account, which is a pool of revenue generated from oil and other natural resources.
- Allocation: The commission is responsible for allocating revenue from the Federation Account to the three tiers of government (Federal, State, and Local Government) based on the principles of derivation, population, and land area.
- Fiscal Commission: RMAFC also serves as a fiscal commission, providing advice to the government on fiscal matters, including revenue generation, allocation, and management.
The commission's main functions include:
- Determining the revenue allocation formula for the Federation Account
- Monitoring and verifying the revenue generated by the federal government and other tiers of government
- Ensuring that the revenue allocation formula is implemented fairly and transparently
- Providing advice to the government on fiscal matters, including revenue generation and management
- Conducting research and analysis on fiscal issues affecting the country
RMAFC is headed by a Chairman and has a team of commissioners who are experts in finance, economics, and public administration. The commission is responsible for ensuring that the revenue generated from natural resources is used effectively and efficiently to promote economic development and improve the welfare of Nigerians.