According to RMAFC Chairman, Dr. Mohammed Bello Shehu, the committee was inaugurated in February 2021 as part of efforts to strengthen oversight mechanisms and ensure greater fiscal transparency in the management of federation revenues.
Speaking through the Committee Chairman and Commissioner representing Ebonyi State, Engr. Nduka Henry Awuregu, at a retreat in Kano, Shehu explained that the decision followed concerns over persistent shortfalls in government revenue and widening fiscal deficits at all tiers of government.
“This was based on numerous briefs, reports, and memoranda the Commission generated over time on the perennial underperformance of revenue projections and estimates of the annual budgets, which have led to growing fiscal deficits annually,” Shehu said.
The retreat, organised for members of the committee, comes in line with the new RMAFC Act 2025, which expands the Commission’s monitoring mandate. Shehu stressed that fostering strong collaboration with the CBN remains critical to achieving the committee’s objectives.
“The CBN is a key institution the Commission must engage with to effectively monitor revenue accruals to and disbursements from the Federation Account,” he noted, pledging leadership support to enable the committee overcome operational challenges.
Vice Chairman of the Committee, Professor Steve Ugba, said the retreat was designed to assess the effectiveness of the oversight body, enhance inter-agency cooperation, and deliberate on issues critical to fiscal transparency and economic planning.
Also, the Secretary to the Commission described the exercise as both timely and significant, noting that it would help the committee review its activities, identify gaps, and chart a more effective course for fulfilling its mandate.
