Monetary allocations: RMAFC ammendment bill passes second reading in Senate
By Henry Umoru
ABUJA—A bill for an Act to amend the Revenue Mobilization, Allocation and Fiscal Commission Act, RMAFC, Chapter R7, Laws of the Federation of Nigeria, 2004 to empower the Commission to disburse the revenue accrued in the Federation Account to the three tiers of Government in the source currency component (dollar and naira) of the Federation Account, yesterday scaled the second reading.
The enactment of the amendment Bill will also empower the federating units to open and maintain Domiciliary Accounts with the CBN into which their share of dollar revenue accrued in the Federation Account is to be paid into.
In his lead debate, sponsor of the bill, Senator Francis Alimikhena (APC, Edo North) said that the amendment had become imperative because when the tiers of government have settlements to meet in foreign currency, they simply do so with corporate entities and apply to the CBN to transfer from their domiciliary accounts to the foreign beneficiaries, adding that necessary controls will be put in place to ensure the system was not abused.
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