WOW! RMAFC got N10.3bn allocation in two months — more than its budgets for two years

The Federation Account Allocation Committee (FAAC) allocated about N10.3 billion to the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) for April and May 2025 alone.

This is more than the commission’s combined budgets for 2024 and 2025.

The astronomical increase is as a result of the recently approved payment of 0.5 percent of non-oil federation revenue to the constitutional body.

TheCable obtained details of the disbursement from FAAC communiques issued in May and June.

The RMAFC is not part of the over 60 government-owned enterprises (GOEs) — also called ‘super agencies. This means the commission is not a revenue-generating agency of the government.

Its key statutory functions are the monitoring of accruals to and disbursement of revenue from the federation account, and the review of revenue allocation formulae.

The RMAFC also advises the federal and state governments on fiscal efficiency and methods to increase their revenues, and determines the remuneration of political officeholders — including the president and vice-president.

The commission began receiving FAAC allocation in April 2025 when N4.6 billion went to the its coffers.

The allocation increased to N5.7 billion in May — amounting to N10.313 billion in two months.

The amount is over three times the size of the RMAFC’s total 2024 budget of N3.26 billion and double its proposed 2025 expenditure of N5.5 billion.

TheCable understands that the funding arrangement resulted from a resolution by the National Economic Council (NEC) but subject to appropriation.

“There is a small condition that it is reviewed every year,” a NEC source told TheCable.

In December 2024, the NEC approved an increase in funding for the RMFAC to address “the inadequate funding” affecting the institution’s performance.

Speaking after the NEC meeting in December, Chukwuma Soludo, governor of Anambra, said the approved 0.5 percent was a reduction from the 0.75 percent funding the commission had initially requested.