Sunday, December 5, 2021

New revenue formula to meet yearnings, aspirations of Nigerians – RMAFC

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The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, says it is working to ensure that the new revenue allocation formula meets the yearnings and developmental aspirations of Nigerians.

Elias Mbam, the Chairman RMAFC, made this known on Friday in Abuja, when he visited Boss Mustapha, Secretary to the Government of the Federation, SGF, to brief him on the development of the ongoing review process of fiscal allocation.

Mr Mbam said the commission had commenced the process for the review of the current vertical “Revenue Allocation Formula”, for the three tiers of governments after a period of over 29 years when it was reviewed.

He said the consideration for the review exercise was  informed following the last general review of the revenue allocation formula carried out in 1992.

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Mr Mbam listed other considerations for the review to include the political structure of the country, which had changed with the creation of six additional states in 1996, which brought the number of states to 36.

“Correspondingly, the number of local governments also increased from 589 to 774.

“There have been some considerable changes arising from the policy reforms that altered the relative share of responsibilities of the various tiers of government including the controversies over funding of primary education and primary healthcare.

“Also inadequate and decaying widespread of infrastructure and heightened challenges across the country, among others,” he said.

The RMAFC chairman said the task before the commission was enormous which required the support and cooperation of all Nigerians.

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“We therefore wish to use this opportunity to specially invite you to the public hearing scheduled for Nov. 9, at the NICON Luxury Hotel, Abuja to present the views of the Federal Government.

“In this regard, I wish to call for your support at all levels of the review process to its logical conclusion.

“The commission is poised and determined to achieve this onerous task and give the nation a new revenue allocation formula that will meet the yearnings and developmental aspirations of Nigerians,” he said.

Responding, Mr Mustapha appreciated the RMAFC chairman and his team for the review process they had carried out since they were assigned the exercise.

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Represented by Dr Habiba Lawal, the Permanent Secretary, Ecological Fund Office in the SGF’s office, Mustapha noted that the current revenue allocation formula had long been overdue hence the need for its review.

“I want to join you to appreciate the fact that the current revenue allocation formula has long been overdue. And it’s good that we are having this exercise now.

“And we hope that this exercise will take us to a full conclusion of the review process.’’

Mr Mustapha, therefore, assured the RMAFC chairman of his support and commitment to ensure the successful conclusion of the exercise.

NAN

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