RMAFC recommends disbursement of N10 billion from FG’s stabilisation fund
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has recommended over N10 billion for approval and disbursement from the stabilisation fund account of the federal government.
This was disclosed by Mohammed Bello, chairman of the commission, via a statement by Christian Nwachukwu, RMAFC’s spokesman, on Thursday.
The approval and disbursement from the stabilisation fund account was to various states in the last two years.
Mr Bello said such recommendation was in line with the provision of the law under which the stabilisation fund was established.
He said the law also empowered the commission to work out an acceptable threshold from the stabilisation account.
The chairman said Cross River was one of the states that benefited from it.
He added that the state had a five-year renewable recommendation for the monthly payment of N500 million from the stabilisation account since 2008.
This, according to Mr Bello, is part of the federal government’s effort to settle and stabilise displaced Nigerians who relocated from Bakassi Peninsula to the state.
However, this was after Nigeria ceded the peninsula to Cameroon in 2008.
Furthermore, Mr Bello said the act that established the fund was specifically for any state of the federation that suffered “absolute” decline in its revenue arising from factors outside its control.
The chairman said the stabilisation fund would be used to initially augment the allocation to that state in accordance with acceptable ways to be worked out by RMAFC.
Moreover, he said the recommendations from the commission for approval and payment was always in the local currency, naira.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Health
Governor Otu provides N100 million to improve nutrition in Cross River
Mr Otu said the move would increase food production, availability, accessibility, and affordability in Cross River.
Faith
Police arraign two teenagers for stealing phone from mosque
The prosecutor said the offence contravened sections 287, 411, and 308 of the Criminal Law of Lagos State.
World
G7 warns Israel, Iran against escalation, reaffirms support for Ukraine
The G7 also maintained steadfast support for Ukraine over two years after Russia’s invasion.
States
UNICEF tasks Kano, Jigawa, Katsina on improved primary healthcare
He stressed the need for the governments of the three states to ensure an integrated package of primary health services for families in one functional health facility.
States
Driver arrested for ‘cramming’ 15 children into car in Lagos
Mr Hundeyin said the driver, who was contracted to transport the children to a beach, locked four in the car trunk and crammed 11 others together in the vehicle.
Rights
Okuama Killing: Army releases detained traditional ruler
“While culpability has not been conclusively established against the traditional ruler, there is insufficient evidence to exonerate anyone at this stage,” said the army.