Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it will conclude the process of designing a new revenue formula and submit the same to President Muhammadu Buhari by the end of this year.
The constitution requires the commission to submit its proposal to the president for onward delivery to the national assembly.
Part 1, paragraph 32(b) of the third schedule to 1999 constitution also empowers the Commission “to review from time to time, the revenue allocation formulae and principles in operation to ensure conformity with changing realities, provided that any formula which has been accepted by an act of the National Assembly shall remain in force for a period of not less than five years from the date of commencement of the Act.”
Chairman of the commission Engr. Elias Mbam who spoke at a press conference in Abuja on Tuesday said several reasons including lack of political will has been responsible for the inability of the country to have a new formula since 1999.
The federation account is currently being shared on the basis of 52.6% to the Federal Government, 26.72 per cent to states and 20.6 per cent to local governments.
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