RMAFC Launches Monitoring Committee To Oversee Federation Account

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has reaffirmed its commitment to strengthening fiscal oversight with the establishment of the Central Bank Monitoring Committee (CBMC), tasked with tracking revenue inflows and disbursements from the Federation Account held at the Central Bank of Nigeria (CBN).

Speaking at the opening of a committee retreat in Kano, RMAFC Chairman, Dr. Mohammed Bello Shehu, explained that the CBMC was created in February 2021 to enhance transparency and accountability in managing federation revenues.

“The Central Bank Monitoring Committee was established to closely monitor revenue accruals to and disbursements from the Federation Account domiciled with the CBN,” Shehu said, emphasizing the importance of robust oversight mechanisms.

Represented at the event by the committee chairman, Engr. Nduka Henry Awuregu, who represents Ebonyi State, Shehu noted that the retreat aligns with the new RMAFC Act, 2025, which expanded the commission’s monitoring mandate. He highlighted that persistent revenue shortfalls have been driving widening fiscal deficits across all levels of government, making strengthened oversight essential.

“This initiative stems from numerous reports, briefs, and memoranda generated over time on the consistent underperformance of revenue projections relative to annual budget estimates,” Shehu explained, assuring committee members of the commission’s full support in addressing operational challenges.

He stressed the centrality of maintaining a strong partnership with the CBN to achieving the committee’s objectives.

“The CBN is a cardinal institution for us, and effective collaboration is crucial to monitoring revenue inflows and disbursements from the Federation Account,” he added.

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Shehu urged members to actively participate in the retreat sessions, noting that the new Act imposes greater responsibilities on the commission.

“All hands must be on deck to reposition the Commission to discharge its functions with professionalism,” he said.

In his remarks, Vice Chairman of the Committee, Professor Steve Ugba, said the retreat aims to evaluate the committee’s effectiveness, foster inter-agency cooperation, and address critical issues related to fiscal transparency and national economic planning.

The Secretary to the Commission described the retreat as timely and significant, noting that it provides an opportunity for the committee to review its activities, identify areas for improvement, and chart a clear path forward.

“This exercise will allow the committee to appraise itself and streamline its operations to ensure its mandate is effectively achieved,” he said.