RMAFC enhances oversight with new monitoring body

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced the establishment of a Central Bank Monitoring Committee (CBMC) to oversee revenue inflows and disbursements from the Federation Account held with the Central Bank of Nigeria (CBN).

Chairman of the Commission, Dr Mohammed Bello Shehu, stated that the committee was inaugurated in February 2021 as part of efforts to strengthen oversight mechanisms for managing federation revenues.

“The Central Bank Monitoring Committee (CBMC) was created in February 2021 following the need to develop processes to closely monitor revenue accruals to, and disbursements from, the Federation Account domiciled with the Central Bank of Nigeria,” Shehu explained.

According to a statement issued by the Commission’s Head of Information and Public Relations, Maryam Umar Yusuf, the chairman made the disclosure in a keynote address delivered at the opening ceremony of a retreat for committee members in Kano.

Dr Shehu, who was represented at the event by the Chairman of the Committee and Commissioner representing Ebonyi State, Engr Nduka Henry Awuregu, noted that the retreat aligns with provisions of the newly enacted RMAFC Act 2025, which expands the Commission’s monitoring mandate.

He added that the initiative was driven by persistent concerns over revenue shortfalls, which have continued to exacerbate fiscal deficits across all levels of government.