RMAFC concludes work on new revenue formula

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Thursday said the commission had concluded work on a new revenue formula for the country.

This information is contained in a statement signed by Mr Zubairu Dada, the Chairman Public Affairs and Communication Committee (PAAC) of the commission.

Dada said that the draft of the proposed new formula would be submitted to Mr President before the year end.

He said the proposed formula was unanimously agreed upon by members of the commission at a two- week retreat at Tinapa.

Dada said the retreat was convened to analyse relevant documents and inputs that had been gathered.

He said that the review of the current sharing formula became necessary because it had been over 21 years since the entire aspect of the revenue sharing formula was reviewed.

Dada said that at the commission’s retreat, all the relevant literature and fiscal matters from sensitisation exercise, consultations and public hearings played a huge role in the formulation.

“The draft formula is a product of careful analysis and examination of the diverse views of the Nigerian people, comprising the Mass media, the academia, NGOs, CSOs, women and youth groups.

“Also the result from all consultations with leaders and elder statesmen, stakeholders and visitations of other federations were examined.

“From this development, the report that was gotten from all this, is an advice on a new revenue allocation formula which will subsequently be submitted to Mr President as stated in the constitution.”

The News Agency of Nigeria (NAN) report that after the new formula is presented to the president, he will present it to the National Assembly to be passed into law. (NAN)