New Revenue Sharing Formula’ll Meet Nigerians’ Aspirations – RMAFC
The Revenue Mobilisation Allocation and Fiscal Commission has said it will unveil a new revenue allocation formula for the federal, state and local governments before the end of this year.
This is coming years after the revenue sharing formula was reviewed.
The Chairman, RMAFC, Elias Mbam, said on Thursday that the revised revenue allocation formula would be ready for submission to the Federal Government by the end of 2021.
He disclosed this in Gombe at the North East Zonal Public Hearing on the review of the revenue allocation formula.
Participants were drawn from Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe as well as members of the civil society.
“The commission is poised and determined to achieve this enormous task and give the nation a new revenue allocation formula that will meet the yearnings and developmental aspirations of Nigerians before the end of the year 2021,” Mbam said.
He said the public hearing would give all and sundry a platform to suggest the best sharing template, adding that the commission would be left to harvest from the inputs of participants.
He added, “The commission conducted similar exercises in other five geopolitical zones of the country in order to obtain relevant data from relevant agencies for use in the review process.
”The wider engagement of stakeholders in the process of data gathering was to ensure an all-encompassing and inclusive process.”
The Governor of Gombe, Muhammadu Yahaya, while delivering his address, urged the commission to ensure equitable distribution of resources.
He also urged the Federal Government to work assiduously towards diversifying the country’s economy for more development.
“I would like to state that a review of the revenue formula to a more people-centric, equitable and fairer allocation formula where the Federal Government earns 40 per cent, the states 35 per cent and the LGAs 25 per cent is the consensus view of our people and is hereby proposed to the RMAFC,” he said.