Abdulwahab Isa 
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said it recommended approval and disbursement of over N10 billion from the stabilisation fund account to Cross River and other states in the last two years. The Commission’s affirmation is coming days after Cross River denied receiving $500 million from the Federal Government’s stabilisation fund for ceding the Bakassi Peninsula and the attendant loss of oil wells to Akwa Ibom.
RMAFC Chairman, Mohammed Shehu, who was quoted in a statement yesterday by the spokesperson Nwachukwu Christian reiterated that the funds had been disbursed from the stabilisation fund to states. The statement quoted Bello as saying that the agency’s recommendation for disbursement from the stabilisation fund is in line with the provision of section 5(7) of cap A15 LFN 2004 under which the stabilisation fund was established and empowers the Commission to work out an acceptable threshold from the stabilisation account.
He named Cross River as one of the states benefiting from this, stating that Cross River has been having a five years renewable recommendation for a monthly payment of N500 million from the stabilisation account since 2008. Bello clarified that those recommendations from the Commission for approval and payment are always in the local currency of naira.
