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The National Economic Council (NEC) is considering a proposal for alternative funding for the Revenue Allocation and Fiscal Commission (RMAFC). This followed a report presented to the Council chaired by Vice President Kashim Shettima at the Presidential Villa yesterday.
Briefing journalists after the meeting, the Minister of Budget and National Planning Atiku Bagudu said: “The National Economic Council received a presentation by the RMAFC Chairman on the alternative funding of revenue for the commission.
“The Council was called to note, first on the mandate of the institution and its critical role in ensuring equity, and the implications that he, however, disclosed that there is challenge of inadequate funding, which severely constrains its capacity to effectively discharge the duties conferred on it by the Constitution.
“The implications of the under-funding were discussed, and the Council resolved that they appreciated the challenge being faced by the RMAFC, and directed the secretariat to study the submission as regards the quantum presented by the commission, as well as the legality of the request.
“Secondly, there was a memorandum on the meeting of the National Council on Development Planning, which took place in Lafia on October 8 and 10 and the memorandum is to inform.
“There was a presentation by the Accountant General of the Federation on the account balances as of November 20, with the Excess Crude Account at $473,754.57; Stabilization Account, N33,324,135,076.39; Natural Resources Account, N26,847,747,854.93. “Last but not least; the Council ratified the Board for the Nigeria Sovereign Wealth Investment Authority.
“Equally, the Council received a presentation about on the financial statement of affairs and approved therein as well as commend the Board and Management of the Sovereign Wealth Investment Authority.
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