The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it has established a Central Bank Monitoring Committee (CBMC) to oversee revenue inflows and disbursements from the Federation Account domiciled with the Central Bank of Nigeria (CBN).

Chairman of the Commission, Dr. Mohammed Bello Shehu, disclosed this in a keynote address delivered at the opening ceremony of a retreat for members of the committee in Kano.

According to him, the CBMC was created in February 2021 to strengthen oversight mechanisms on the management of federation revenues.

“The Central Bank Monitoring Committee (CBMC) was created in February 2021, following the need to set up the processes to closely monitor revenue accruals to and disbursement from the Federation Account domiciled with the Central Bank of Nigeria,” Shehu said.

A statement by the Commission’s Head of Information and Public Relations, Maryam Umar Yusuf, said Shehu was represented at the event by the Chairman of the Committee and Commissioner representing Ebonyi State, Engr. Nduka Henry Awuregu.

He noted that the retreat was organised in line with the provisions of the new RMAFC Act, 2025, which expanded the Commission’s monitoring mandate. The initiative, he explained, was driven by repeated concerns over revenue shortfalls and widening fiscal deficits at all levels of government.

Shehu stressed the importance of maintaining a strong relationship with the CBN to achieve the objectives of the committee.

“The CBN is an important and cardinal institution that the Commission must relate with in carrying out its monitoring function of revenue accruals to and disbursement from the Federation Account,” he added.

He urged committee members to actively engage in the sessions, saying the new Act places greater responsibility on the Commission.

In his welcome remarks, the Vice Chairman of the Committee, Professor Steve Ugba, who represented Shehu, said the retreat was designed to assess the committee’s oversight effectiveness, strengthen inter-agency cooperation, and deliberate on issues critical to fiscal transparency and national economic planning.

Also speaking, the Secretary to the Commission described the exercise as timely and significant, adding that it would help the committee review its activities and set a clear direction going forward.

“The retreat is timely. It will afford them the opportunity to appraise themselves and see where they are getting it right or wrong to be able to streamline their activities to ensure that their mandate is achieved,” he said.