Reps committee approves N105bn budget for RMAFC, promises strict oversight

The house of representatives committee on finance has approved a budget of N105.14 billion for the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) for 2025.

The committee also promised to closely monitor how the money is used.

This decision comes about six months after the National Economic Council (NEC) agreed to let the commission ask the National Assembly to change its current law and find another way to fund its work.

The budget was approved during a meeting on Tuesday in Abuja between the committee and RMAFC officials, led by Mohammed Shehu, the commission’s chairman.

During the meeting, Shehu explained that out of the total amount, N20.6 billion would be used to pay staff salaries, while N8.9 billion would go towards running costs. The remaining N75.5 billion, about 72% of the total budget, would be used for capital projects.

Shehu thanked the committee for helping to update the commission’s law, saying it would help the commission perform better.

Committee Chairman Rep. James Faleke (APC-Lagos) stated that the committee had reviewed the budget and was satisfied with the figures. He added that the committee would carry out its duty to ensure the budget is fully implemented.

Faleke also noted that the National Assembly will begin its annual break soon, but when lawmakers return, they expect to see that 30 to 40 percent of the budget has already been put to use.

Following the committee’s approval of the budget, it will be sent to the full House for a third reading and then forwarded to the President for final approval.