RMAFC to abolish state-councils joint accounts

THE Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has begun moves to abolish the operation of states and local governments joint accounts.Also, the Commission has intervened in the Sovereign Wealth Fund(SWF) controversy as it has asked states to withdraw their suit and allow it to handle the matter as the constitutional umpire which monitors the accruals of revenue into the Federation Account and its disbursement to the constituent parts of the federation.Chairman of the Commission, Elias Mbam, who allayed the fears of all stakeholders over the management of the SWF assured that the commission would ensure judicious utilisation of proceeds from the fund for the overall development of the country.Mbam who made the appeal during a chat with reporters in Abakaliki, the Ebonyi State capital, said the continued dispute on an issue that could be resolved amicably out of court by both parties was capable of heating up the polity.The RMAFC boss observed that Sovereign Wealth is a crisis Fund set aside by governments to provide palliatives in times of national and global crises like natural disasters, global economic meltdown and oil prices fluctuation which could adversely affect national economies and retard development programmes.This is why, according to him, the fund seeks to serve three strategic needs namely: infrastructure development, economic stabilisation and future generation.He further explained that instead of going to the Court, the feuding parties should seek to iron out their differences through dialogue, especially the grey areas which could be addressed through constitutional amendment.On the issue of states and local councils joint account, the RMAFC chairman disclosed that the commission, as an impartial arbiter, would soon begin the process of abolishing it, saying the system has been subjected to serial abuse and pilferage. He added that the allocated funds should be paid directly to the local government accounts.
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