The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said that its role was not properly considered while enacting the Petroleum Industry Act (PIA), 2021.
This is contained in a communique issued at the end of a two-day retreat in Uyo.
In the communique signed by the Acting Chairman, Mr Umaru Abdullahi, RMFAC said there was need for a second look at the Act.
”The role of RMFAC to mobilize revenue into the federation account needed to be defined in the Act and the new dispensation.
”Urgent measures should be taken to address sections of the Act that are inconsistent with the constitution.
”The measures can come in the form of judicial interpretation or legislative actions,” it said.
It further stated that the operating surpluses from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) should be remitted into the Federation Account.
”Such operating surpluses should not go into the consolidated revenue account as currently provided in the PIA, 2021,” it said.
The commission urged governments at all levels to collaborate towards tackling insecurity in the country to make the nation attractive to investors.
It also said that the shareholding of the NNPC Ltd should be clearly defined to reflect the three tiers of governments.
”There should be a stringent operational policy regime to enable the nation to achieve and sustain the expected increase in revenue earnings under the PIA.
RMFAC commended the President Muhammadu Buhari-led governnment for enacting the Act after several years of procrastination.