RMAFC begins review of revenue sharing formula

 

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Elias Mbam, said the commission has completed plans to begin the review of revenue allocation formula.

Mbam made this known in Abuja during a courtesy visit to his office by members of the National Assembly Service Commission, led by Ahmed Amshi.

A press statement titled, ‘Review of revenue allocation formula kick starts fully – RMAFC’ issued by the commission’s Public Relations Officer, Nwachukwu Christian, stated that the review of remuneration for political and Judicial office holders will equally commence as soon as the Federal government releases fund for it.

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The review, according to the statement, is targeted at equitable distribution of the accrued revenue into the Federation Account to the three tiers of government and will be concluded before the end of 2021.

Mbam disclosed that the RAF review is at first concentrating on the vertical formula which has to do with sharing of revenue between Federal, State and Local governments. This will be followed by a horizontal formula which also has to do with sharing among states and among local governments.

He added that while the legislation may have to approve the outcome of the review, whatsoever the commission fixes are final and cannot be surpassed.