House Committee On Finance Approves N105.14b Budget For RMAFC

The House of Representatives Committee on Finance has approved a budget proposal of N105.14 billion for the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, for the 2025 fiscal year.

The budget was endorsed during a hearing in Abuja by Chairman of the committee James Faleke who said the committee was satisfied with the estimates submitted.

RMAFC Chairman Mohammed Shehu, while presenting the proposal, said the commission plans to spend N20.6 billion on personnel costs and N8.9 billion on overheads. The remaining N75.5 billion representing 71.8% of the total budget is earmarked for capital expenditure.

Shehu praised the committee for facilitating the recent amendment of the RMAFC Act, which he said has enhanced the commission’s capacity to perform its constitutional duties.

Chairman of the Committe, Faleke, noted that the House would soon proceed on its annual recess but expected an implementation level of 30 to 40 percent upon resumption.

He added that the committee would carry out oversight functions to ensure full execution of the approved estimates.

The budget proposal will now be forwarded to the Committee of the Whole for third reading before being transmitted to the president for assent.

Oduyemi Odumade, Edited By Grace Namiji