RMAFC Announces Salary Review for Public Officials
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has reaffirmed its commitment to reviewing and recommending appropriate remuneration for public, political, and judicial office holders in line with its constitutional mandate.
The Chairman of RMAFC, Dr Mohammed Shehu, stated this on Thursday while receiving a delegation from the Investment and Securities Tribunal, led by its Chairman, Amos Azi, during a courtesy visit to the Commission.
This was contained in a press statement issued on Thursday by the Head of Information and Public Relations Unit at RMAFC, Maryam Yusuf.
Shehu assured the delegation that the commission would conduct a thorough review of the IST’s salary structure to ensure alignment with constitutional provisions.
Commending the tribunal for its critical role in Nigeria’s capital market, he acknowledged its global recognition as a leading specialised tribunal, noting that similar models have been adopted internationally.
“We recognise the remarkable work being done by the IST, and its reputation as a model tribunal in capital market adjudication is well deserved. Your role in ensuring swift and fair dispute resolution is instrumental to investor confidence and market stability.
Given the importance of your work, it is only right that we give due attention to your remuneration structure to ensure it reflects your responsibilities,” Shehu said.
He emphasised that the commission would revisit the matter with a renewed sense of urgency, ensuring it receives the necessary attention.
“We understand that processes like these take time, as they require a comprehensive review and input from various stakeholders. However, the Commission will ensure that this matter receives the attention it deserves.
“We have within the Commission highly experienced legal professionals, including a commissioner with extensive expertise, who will oversee the review. Once their findings are concluded, we will make a final recommendation,” he said.
In his remarks, Azi explained that the visit was to seek RMAFC’s support in ensuring that the remuneration of the IST Chairman, members, and Chief Registrar aligns with that of the Chief Judge, Judges, and Chief Registrar of the Federal High Court, as provided under Section 220 of the Investment and Securities Act 2007.
He expressed gratitude to Shehu for the prompt attention given to their concerns and praised the Commission’s dedication to implementing its mandate.
“As the custodian of investment dispute resolution in Nigeria, the Investment and Securities Tribunal must remain a beacon of efficiency and investor confidence. Just as the law mandates parity in remuneration between the Tribunal and the Federal High Court, so must its implementation reflect this statutory provision without delay,” he said.
Azi further highlighted the tribunal’s achievements, including the resolution of over N1.3tn worth of disputes in favour of investors and government agencies. He also noted the IST’s pioneering role in introducing verbatim transcription and virtual hearings in Nigeria.
During the visit, the IST Chairman presented the Nigerian Investment and Securities Tribunal Law Reports to the RMAFC Chairman, showcasing the tribunal’s commitment to legal excellence and transparency in capital market adjudication.
In her vote of thanks, the Federal Commissioner representing Kebbi State in RMAFC, Rakiya Haruna, expressed appreciation for the IST’s engagement with the Commission and reaffirmed RMAFC’s dedication to ensuring that all public institutions receive fair and just remuneration in line with constitutional provisions.
“RMAFC remains committed to reviewing and recommending appropriate remuneration structures, ensuring compliance with constitutional mandates while supporting institutions like the Investment and Securities Tribunal in their efforts to strengthen Nigeria’s financial sector,” she said.
