RMAFC: NNPC Limited’s shareholding structure needs to reflect three tiers of government

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for a clear definition of the shareholding structure of the Nigerian National Petroleum Company (NNPC) Limited to reflect the three tiers of government.

The commission handles revenue allocation and fiscal matters.

RMAFC said this in a communique issued at the end of a two-day retreat in Uyo, according to NAN.

In the communique signed by Umaru Abdullahi, acting chairman, RMAFC, the commission said there was the need for a second look at the law.

“The role of RMAFC to mobilise revenue into the federation account needed to be defined in the Act and the new dispensation,” the communique reads.

“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 added that the operating surplus 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 added.

The commission urged all levels of government to collaborate on tackling insecurity in the country to make it attractive to investors.

“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,” it said. 

The commission commended President Muhammadu Buhari-led administration for enacting the act after several years of “procrastination”.