Monday, 30 November 2015

RMAFC to reduce allowances of President, Vice President and other political office holders

President Buhari
In line with economic reality, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stated that the President, Vice President and other political office holders will have their allowances reduced in the new remuneration package coming soon.

Chairman of the commission, Elias Mbam, disclosed this at a valedictory press briefing to mark the end of his five-year tenure as the chairman of the commission.

The outgoing chairman stated that the 2008 remuneration package had been in use for seven years during which there had been several changes in the socio-economic indices of the country.

Accordingly, he said RMAFC, in pursuance of its mandate of determining remuneration packages of political office holders, had commenced the process of reviewing of the 2008 remuneration package at the beginning of 2015.

Giving insight to some of the recommendations, he said some allowances of political office holders had been expunged while some had been drastically reduced in line with the dictates of the Nigerian economy.

He said the commission, in determining the new remuneration package, did not touch the basic salary because it had never been in contention.

On the much awaited new Revenue Allocation formula for the three tiers of government, Mbam said the commission had completed its own aspect of the project, adding that the Attorney-General of the Federation was being awaited to draft a bill on the document, present same to President Mohammadu Buhari who will in turn present it to the National Assembly for deliberation.

Since 2014, he said the commission had submitted the document to the Presidency, adding that the process was ongoing.

He said the process of arriving at a new formula involved extensive and in depth research and studies on the issues of Revenue Allocation Formula, invitations for memoranda, consultations, sensitisation workshops, collection and collation of data, studies of other similar federations in respect of fiscal arrangements, public hearings and administration of questionnaires.


Credit: Nigerian Tribune

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