The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the review of the revenue allocation formula will be ready for presentation to President Muhammadu Buhari by the end of 2021.
\nThe Chairman of the commission, Mr Elias Mbam said this at a news conference on Tuesday in Abuja.
\nMbam said the review was one of the major responsibilities of the commission and was last done in 1992, which was 28 years ago.
\nHe said that according to the constitution, the formula, which has been accepted as an act of the National Assembly, would remain in force for a period of not less than five years.
\nHe, however, said that several attempts by the commission to review the formula had failed.
\nMbam said: \u201cProposal for new Revenue Allocation Formula for the three tiers of government (Federal, State and Local Governments) was first made by the Commission in August 2001.
\n\u201cBut the recommendation was withdrawn due to the compelling verdict of the Judgment of the Supreme Court on suit No. SC 28\/2001 of 5th April 2002 which recognised the beneficiaries of the federation account as Federal, States and Local Governments.
\n\u201cIn December 2002, another proposal for a new Revenue Allocation Formula was presented to the then President, Federal Republic of Nigeria. That Formula got to the verge of being passed, but again, the bill elapsed with the expiration of the tenure of the then National Assembly in May 2003.
\n\u201cFurthermore, in 2003, attempts were made by the National Assembly to reconsider the Revenue Formula bill initially submitted, but the efforts were not successful.
\n\u201cHowever, an addendum to the original Report was prepared and resubmitted to the National assembly in September 2004.
\n\u201cThe proposed Revenue Allocation Formula passed through several processes both in the senate and especially at the House of Representatives, where a public hearing was conducted in 2006 on the subject. Yet, the Formula could not see the light of the day.
\n\u201cSimilarly, the Commission in 2014, made concerted effort to review the Formula. All necessary processes required of the commission were concluded. However, the final process was inconclusive.\u201d
\nThe chairman said the process of sensitisation to the review of the revenue allocation formula had begun.
\n\u201cThe review of the revenue allocation formula will involve the following activities: literature review of Revenue Allocation in Nigeria dating back to the pre-independent period.
\n\u201cStudy of fiscal matters relating to revenue allocation; invitation to memoranda from the Public sectors, individuals and private sectors across the country to allow for wider coverage.
\n\u201cVisitation to the 36 states and 774 Local Government Areas to sensitise and obtain inputs from stakeholders.
\n\u201cWide range consultations with major stakeholders including leaders and elder statesmen; public hearing in all the Geo-political zones; and administering of questionnaires,\u201d he said.
\nHe also explained that the commission had begun sensitisation visits to states and local governments as part of the review process.
\nHe stressed that the objective of the sensitisation was to enlighten major stakeholders to the need to fully participate, make relevant inputs and submit memoranda to the process of the review.
\nHe said the commission had carried out the literature review on Revenue Allocation Formula in Nigeria dating back to the pre-colonial period.
\nHe alao said he commission had advertised for submission of memoranda in the national dailies.
\n\u201cWide range consultation with major stakeholders is also in progress.
\n\u201cI want to reiterate that the Revenue Mobilisation Allocation and Fiscal Commission is highly determined to produce within the shortest time possible, a new revenue sharing formula that will be fair, just and equitable to the three tiers of government.
\n\u201cThe Commission has programmed to complete its review process by the end of 2021,\u201d he said.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the review of the revenue allocation formula will be ready for presentation to President Muhammadu Buhari by the end of 2021. The Chairman of the commission, Mr Elias Mbam said this at a news conference on Tuesday in Abuja. Mbam said the review was one of […]<\/p>\n","protected":false},"author":1,"featured_media":30999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[304],"class_list":["post-32853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-revenue","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n
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