It is my pleasure this afternoon to swear into office, the Chairman and Commissioners of the Revenue Mobilization, Allocation and Fiscal Commission. I congratulate you all on your appointment.
2. As a Commission, you are empowered by the Constitution to among other duties:
a. Monitor the accruals to and disbursement of revenue from the Federation Account;
b. Review, from time to time, the revenue allocation formulae and principles in operation and advise government on the need for any changes;
c. Advise the Federal, State and Local Governments on fiscal efficiency and methods by which their revenue is to be increased;
d. Determine remunerations appropriate for Political/Public Office Holders.
e. Make recommendations and submit findings by a report thereto to the government of the Federation or of the State, as the case may be, regarding the formula for the distribution of the Federation Accounts and the Local Government Accounts; and
f. Discharge such other functions as may be conferred on the Commission by Constitution of the Federal Republic of Nigeria, this Act, or any other Act of the National Assembly.
3. The mandate of the Commission is very wide and has an important role for our country’s economy. The Commission must be fair and just to the three Tiers and Arms of Government without compromising its core mandate.
4. In my speech on June 12, Democracy Day, I informed Nigerians that this administration has laid the foundation for transforming our country and liberating our people from the shackles of poverty by putting policies and measures to integrate our rural economies to the national economic grid.
5. One measure is to extend credit facilities currently available to be able to encourage and support domestic production of basic goods and reduce our reliance on imported goods.
6. I set a target for our country to lift 100 million Nigerians out of poverty in ten years. This commitment is to further challenge the Revenue Mobilization, Allocation and Fiscal Commission to rise to its constitutional responsibilities and mandate.
7. Your appointment as Chairman and members of the Commission was carefully considered based on your proven track records of hard work and integrity. It is, therefore, the expectation of Government that you will rapidly and systematically set to work to address all areas of your mandates in a businesslike manner.
8. Here I will charge the Chairman and Honourable Commissioners as to:
a. Concentrate more on expanding the sources of revenue to the Federation Account and other non-oil sources including solid mineral.
b. Use all legal ways and means to strengthen its monitoring mechanism and block leakages of revenue from the Federations Account. All relevant laws and regulations on revenue collections and remittances should be fully complied with and appropriate sanctions visited on defaulters.
9. Let me assure you that government will continue to provide all the necessary support that will facilitate the achievement of your constitutional mandate. I, therefore, use this medium to call on the National Assembly to enact relevant enabling laws that shall guarantee the Commission the legal ability to ensure that defaulters of revenue laws are appropriately sanctioned.
10. I congratulate you all on your appointment once more, and wish you a successful tenure.
Thank you and may God bless the Federal Republic of Nigeria.
