New revenue formula to take effect from 2021, says RMAFC Chairman

Chairman, Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Chief Elias Mbam, has said that the commission has commenced work on the new revenue allocation sharing formula which will take effect from 2021.

Mbam made this known on Sunday at Item Amagu, Ikwo in Ikwo Local Government Area of Ebonyi State, while speaking with journalists.

He also added that the commission had diversified sources of revenue to the Federal Government with attention paid to the mineral sector to increase revenue.

“Presently, we are working on new revenue sharing formula. We have started the process and all things being in equal, we expect that the new formula will be out in 2021,” he said.

“We are diversifying the sources of revenue, we have gone into the solid mineral sector. For the first time, the solid mineral sector is contributing to the federation account and we are closing up leakages.

“We are ensuring that revenue leakages are closed up or minimised so that more revenue will be accrued to the federation account.

“The commission is ever determined to use all its constitutional powers to ensure that all revenue accruable to the government is remitted to the federation account and on time,” he said.