The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has called for the repeal of laws establishing the Federal Ministry of Finance, Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Road Safety Commission (FRSC) and 29 revenue generating agencies.

In a letter to the National Assembly, the Commission stated that the laws establishing the 32 agencies were creation of the military and must be made to conform to democratic norms and practices.

The letter, signed by RMAFC acting chairman, Mr. Shettima Umar Abba Gana is titled: “The laws establishing the agencies contravene the provisions of Sections 1(3) and 162(1&10) of 1999 Constitution of the Federal Republic of Nigeria (as amended).”

Some of the other listed agencies are Nigeria Ports Authority (NPA), Bureau of Public Enterprises (BPE), National Broadcasting Corporation (NBC), Federal Airports Authority of Nigeria (FAAN), National Agency for Food Drugs Administration and Control (NAFDAC), Nigeria Security, Printing and Minting Corporation (NSPMC), Corporate Affairs Commission (CAC), Securities and Exchange Commission (SEC), Nigeria Immigration Service (NIS), Nigeria Communications Commission (NCC), and Nigeria Deposit Insurance Corporation (NDIC).

According to the Commission, these agencies also administer assets such as land, seas, and airwaves among others that belong to the Federation in addition to having operational presence across several states of the country.

“These reasons are enough to justify that these agencies remit all their revenues to the Federation Account, and then submit their administrative/financial requirements to the National Assembly for appropriation,” the commission said.

RMAFC said it is not tenable for the agencies to be retaining their revenues and remitting only their operating surplus to the Consolidated Revenue Fund of the federal government on the basis of the provisions of the Acts establishing them.

The list also include agencies the Nigeria Shippers Council, Nigeria Mining Corporation (NMC), Nigeria Export Processing Council (NEPC), Federal Radio Corporation of Nigeria (FRCN), Nigeria Investment Promotion Council (NIPC), Nigeria Civil Aviation Authority (NCAA), Nigeria Postal Service (NPS), Nigeria Railway Corporation (NRC), Nigeria Reinsurance (Nigeria-Re), Nigeria Environmental Standards and Regulatory Agency, National Clearing and Forwarding Agency, National Sugar Development Agency, National Automobile Council (NAC), Nigeria Tourism Development Corporation, National Agency for Engineering Agency and Raw Materials Research and Development Council, Nigeria Social Insurance Trust Fund (NSITF), and Nigeria Airspace Management Agency (NAMA).

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.