With the present democratic institutions in place, the 1999 Constitution of the Federal Republic of Nigeria and other enabling laws empower the Commission to:
a. Monitor the accruals into and disbursement of revenue from the Federation Account.
b. Review, from time to time, the revenue allocation formula and principles in operation to ensure conformity with changing realities;
c. Advise the Federal, State and Local Governments on fiscal efficiency and methods by which their revenue is to be increased.
d. Determine the remuneration appropriate to political office holders.
e. Discharge such other functions as may by conferred on the Commission by the constitution or any Act of the National Assembly.
In accordance with Decree 98 of 1993, which was an amendment to Decree 49 of 1989, makes the Revenue Mobilization Allocation and Fiscal Commission a statutory member of the following Government Agencies:
i. Federation Account Allocation Committee
ii. Local Government Joint Accounts Allocation Committee
iii. Joint Tax Board
iv. Commission on Ecological Fund, and
v. National Council on Statistics
The same Decree also empowered the Commission to demand and obtain regular and relevant information, data or returns from any Government Agency including the following:
i. The Nigerian National Petroleum Corporation
ii. The Nigerian Customs Service
iii. The Federal Board of Inland Revenue
iv. The Central Bank of Nigeria, and
v. The Federal Ministry of Finance.