The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said 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, made this known while addressing newsmen in Abuja.
Mbam said the review was one of the major responsibilities of the commission and was last done in 1992, which was 28 years ago.
He 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.
He, however, said that several attempts by the commission to review the formula had failed.
The chairman said the process of sensitisation to the review of the revenue allocation formula had begun.
“The 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.
“Study 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.
“Visitation to the 36 states and 774 Local Government Areas to sensitise and obtain inputs from stakeholders.
“Wide range consultations with major stakeholders including leaders and elder statesmen; public hearing in all the Geo-political zones; and administering of questionnaires,” he said.
He also explained that the commission had begun sensitisation visits to states and local governments as part of the review process. He 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.
He said the commission had carried out the literature review on Revenue Allocation Formula in Nigeria dating back to the pre-colonial period.
He alao said he commission had advertised for submission of memoranda in the national dailies.
Leave a Reply