28 years after Fiscal commission set to review Allocation formula
28 years after the last sharing formula was structured Nigeria is set to have a new template for distributing allocation to constituents units.
Disclosing this in Gombe, a North East zonal Public Hearing on the review of the revenue allocation formula, Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Elias Mbam said this was imminent by the end of the 2021
Our correspondent reports that 1992 was the last time it was reviewed, however, the ongoing public hearing is expected to sign post consultations that will lead to a new revenue sharing formula for the country.
Participants were drawn from Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe as well as Members of civil society.
According to the RMAFC boss, the revised revenue allocation formula would be ready for submission to the Federal Government by the end of 2021.
“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.
Mbam noted that the public hearing would give all and sundry platforms 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 geo-political 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.”
On his part, Governor Muhammadu Yahaya, while delivering his address urged the commission for equitable distribution of resources.
Yahaya, also urged the federal government to work assiduously towards diversifying the country’s economy for more development.
He added”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%, the States 35% and the LGA.s 25% is the consensus view of our people and is hereby proposed to the RMAFC.”
