RMAFC begins review of revenue sharing formula

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, Elias Mbam, has revealed that 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 release fund for it.

The statement read, “The Revenue Mobilisation Allocation and Fiscal Commission has concluded arrangements to fully commence the review of the nation’s revenue allocation formula. The review is targeted at equitable distribution of the accrued revenue into the Federation Account to the three tiers of government and this will be concluded before the end of 2021.

“RMAFC Chairman while further disclosing that the review of remuneration for political and Judicial office holders will equally take off as soon as the Federal government released fund for it, further stated 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,” the statement said.

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

“Mbam also added that while the review of remuneration for judicial and Executive office holders in the Federation is subjected to further legislation by National or State Assemblies as the case may be for approval but not more than what RMAFC has recommended, RMAFC’S determination for legislatures at Federal, State and Local government is final,” the statement added.

(The PUNCH)