By James Emejo â€¨in Abujaâ€¨
The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Mr. Elias Mbam, has called for the amendment of the Revenue Allocation Act of 2004 to check the indiscriminate and illegal deductions from the Special Fund Account comprising the Development of Natural Resources, Ecology and the Stabilisation Accounts which are being held in trust by the federal government.
He said such adjustment would offer clear-cut and just criteria for assessing the fund.
Speaking in Abuja, at a National Revenue Summit organised by the Economic Research and Policy Development Initiative, Mbam, who was represented by Director, Planning, Research and Statistics, RMAFC, Mr. Simeon Nwate, also carpeted revenue generating agencies of the government over non-remittance of revenue accruable into the Federation Account.
According to him, the special fund was not constituted out of the statutory share of the federal government from the Federation Account but rather a charge on the Federation Account-owned jointly by the three-tiers of government.
He explained that the idea behind the setting up the fund account was to provide financial resources to develop alternative mineral resources as additional source of revenue; intervene and coordinate the general ecological problems and to provide for unseen contingencies and economic downturn in the country.
However, the RMAFC boss, in a statement by the Head, Public Relations of RMAFC, Mr. Ibrahim Mohammed, called on the revenue generating and monitoring agencies to work together more closely by embracing full disclosure and transparency in accounting for revenue collection.
He also expressed dissatisfaction with the issue of non-remittance of revenue accruable to the Federation Account by revenue generating agencies of government.
Mbam noted that the theme of the seminar: “Sectoral Transformation Through Improved Revenue Generation and Strategic Funding by Government-Setting a Revenue Agenda for Nigeria" could not have come at a better time given the aspiration and programme of the commission in enhancing the revenue accruable to the Federation Account.