The Revenue Mobilisation Allocation and Fiscal Commission has set in motion the process for the downward review of the existing salaries and allowances of political, public and judicial office holders in the country.
Chairman of the organisation, Mr. Elias Mbam, on Wednesday inaugurated the committee charged with the responsibility of reviewing the Remuneration Act 2008.
The Remuneration Act of 2008 prescribes the salaries and allowances for political, public and judicial office holders.
Mbam urged the committee to be conscious of the prevailing economic situation and the need to reduce cost of governance so as to free more funds for development, according to a statement made available to our correspondent by Head of Public Relations of RMAFC, Mr. Ibrahim Mohammed.
He also explained that the commission was constitutionally empowered to undertake the review of the remuneration packages as might be required from time to time so as to reflect current economic realities; advise federal and state governments on monetisation policies; and generate cost of living indices for revision of allowances among others.
Mbam charged the committee to undertake wide consultations with all critical stakeholders including all arms of government of the federation, the national and state assemblies, state and local governments, professional economic bodies, the organised labour, the academia, the media and the Nigerian public in general so as to enrich the process.
He reminded the committee members of the need to ensure that the review effectively minimised wastages and abuses and ensured prudent management of resources as well.
The committee is expected to holistically review the existing Remuneration Act; identify areas of wastages and abuse, examine the implementation of the monetisation policy by Ministries, Departments and Agencies and advise on appropriate remuneration for political, public and judicial officers commensurate with the work they do, Mohammed said.
Mbam stressed that the exercise, which is expected to reduce cost of governance, was line with the current realities where the economy was characterised by inflation and downturn in international oil prices among others.
He said the work was envisaged to be completed before the end of September.
In his remarks after the inauguration, Chairman of the Remuneration Committee of the commission, Mr. Abdullahi Inde, assured the chairman that the committee would do a thorough job of the task assigned to it.
He called on Nigerians to show support and pray for the committee.