RMAFC Receives Anambra’s Request for ₦70bn Stabilisation Fund
The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has received a presentation from the Anambra State Government seeking ₦70 billion from the Stabilisation Fund to finance priority projects and proposed investments across key sectors of the state’s economy.
The presentation was received by the Commission’s Indices and Disbursement Committee during a technical session at its headquarters in Abuja.
Speaking at the session, the committee chairman and Honourable Commissioner representing Lagos State, Prof. Olusegun Adekunle Wright, acknowledged the state government’s decision to present its financial needs for consideration.
He explained that the Stabilisation Fund serves as a fiscal intervention mechanism designed to assist states in deserving circumstances, subject to established guidelines, the availability of funds and the necessary approval processes.
Prof. Wright said the committee requires requesting states to make formal presentations before the Commission before conducting on-the-spot assessments of the proposed projects.
He noted that the committee would review the credibility of the state’s financial records, the viability and estimated costs of the proposed projects, implementation requirements and their expected socio-economic benefits to the people of Anambra State.
The chairman stressed that the technical review did not amount to automatic approval of the request, adding that it would undergo further scrutiny and verification before any recommendations could be presented to the Commission’s plenary.
RMAFC Receives Anambra’s Request for ₦70bn Stabilisation Fund