Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) yesterday got the nod to sanction any revenue generating agencies that flout extant collection and remittance laws.

The agency got the go-ahead from the Federal Government through the Secretary to the Government of the Federation (SGF), Senator George Akume.

It was at the inaugural plenary session of appointed RMAFC commissioners after their inauguration in Abuja.

The SGF also mandated the Commission to speed-up the review of the existing revenue allocation formula, which he noted has not been reviewed in over two decades.

Akume said that the RMAFC was expected to enhance non-oil revenue mobilisation and prioritise revenue generation from solid minerals, taxation and other non-oil sectors to reduce dependence on crude oil and attain fiscal stability.

He said: “I therefore wish to state categorically, that governments expect key deliverables from the commission in areas such as revenue monitoring and accountability.

“You are to ensure that all revenue generating agencies comply with collection and remittance laws. Leakages must be blocked and defaulters must be sanctioned.

“Also, the commission should fast-track the review of the revenue allocation formula. The existing formula has not been reviewed in over two decades.

“A new equitable formula is critical for national economic stability and development.

“The commission should support governments’ fiscal policies and align its strategies with the administration’s economic transformation agenda to create a robust, self-sustaining revenue framework.”

The SGF stressed the need for the commission to collaborate with relevant stakeholders, including the National Assembly, with a view to ensuring a harmonised approach to revenue administration.

He said that the removal of fuel subsidies, exchange rate unification and on-going tax reforms were strategic move to ensure fiscal stability.

He added that the policies would only succeed if the commission rose to the challenge and implement their mandatory policies.

Akume said the occasion marked a significant milestone towards fostering fiscal sustainability, revenue collection and remittance efficiency which was in-line with the Renewed Hope Agenda (RHA) of the administration.

Congratulating the commissioners, the SGF added that their role in shaping the economic and fiscal trajectory of the country was pivotal.

RMAFC Chairman Dr. Mohammed Shehu restated the commission’s committed to fostering inter-governmental collaboration and ensuring that it remained aligned with the policies of the government.

Shehu noted that the commission played vital role in ensuring the fair and transparent allocation of revenue among the three tiers of government.

He said: “We are actively engaged in developing frameworks that enhance revenue generation, fiscal sustainability and equitable distribution in line with the national development priorities.”

Shehu sought the SGF’s support to enable the commission to effectively discharge its constitutional responsibilities.

Also speaking, the Commissioner Representing Kwara, Mr. Ismail Agaka, said that the commissioners would ensure the mandates and objectives of the RMAFC were achieved effectively.