Makarfi was born in Makarfi Local Government Area of Kaduna State. He went to Federal Government College Enugu. Makarfi was admitted to the School of Basic Studies at Ahmadu Bello University in Zaria where he obtained a Bachelor of Science degree in Accounting. He also holds masters degree in accounting and finance in Ahmadu Bello University. He was a part-time Lecturer in the Department of Accounting.