By Adedapo Adesanya
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said that its role was not properly considered while enacting the Petroleum Industry Act (PIA), 2021.
This was contained in a communique issued at the end of a two-day retreat in Uyo, Akwa Ibom signed by the Acting Chairman, Mr Umaru Abdullahi.
As a body, RMFAC monitors the accruals to and disbursement of revenue from the federation account.
It also reviews, from time to time the revenue allocation formulae and principles in operation to ensure conformity with changing realities as well as advises the Federal and State Governments on fiscal efficiency and methods by which their revenue can be increased among others.
“The role of RMFAC to mobilize revenue into the federation account needed to be defined in the Act and the new dispensation,” the agency said, calling on stakeholders to take a second look at the Act.
”Urgent measures should be taken to address sections of the Act that are inconsistent with the constitution.
“The measures can come in the form of judicial interpretation or legislative actions,” it said.
It further stated that the operating surpluses from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) should be remitted into the Federation Account.
“Such operating surpluses should not go into the consolidated revenue account as currently provided in the PIA, 2021,” it said.
The commission urged governments at all levels to collaborate on tackling insecurity in the country to make the nation attractive to investors.
It also said that the shareholding of the Nigerian National Petroleum Company (NNPC) Limited should be clearly defined to reflect the three tiers of government – federal, state, and local governments.
“There should be a stringent operational policy regime to enable the nation to achieve and sustain the expected increase in revenue earnings under the PIA.
RMFAC commended President Muhammadu Buhari-led government for enacting the Act after several delays by preceding administrations.
