RMAFC begins review of revenue allocation formula

RMAFC begins review of revenue allocation formula

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has said it will commence the process of reviewing the current revenue allocation formula for governments in the country today.

It will commence the process with a two-day public hearing in Lagos.

In a release by the commission, the South-west public hearing will kick off the nationwide consultations expected to lead to a new revenue sharing formula for the country.

The states expected to participate are Lagos, Ekiti, Oyo, Ogun, Ondo and Osun.

Under the current sharing arrangement, the federal government takes 52.68 per cent of the revenue shared, states get 26.72 per cent while the local governments get 20.60 per cent.

The current review will focus only on the vertical allocation which covers allocation to the federal, states and local governments and does not imply reduction in the cost of governance.

The commission said the review is in pursuant of its constitutional mandate that empowers it to “review from time to time, the revenue allocation formula and principles in operation to ensure conformity with changing realities”.

The schedule also shows that the South-south zone will hold in Rivers State on Thursday, October 7, to Friday October 8, with participants expected from Rivers, Akwa Ibom, Bayelsa, Cross River, Delta and Edo States.

For the South East which will hold in Imo State from 11-12 of October, participants are expected from Abia, Anambra, Ebonyi, Enugu and Imo states.

In the North West, Kaduna State will host the public hearing with participants expected also from Jigawa, Kano, Katsina, Sokoto, and Zamfara States.

Kogi State will be the host for the North Central on the October 19 to 20, with participants from Benue, Kwara, Nasarawa, Niger and Plateau States.

In the North East, the public hearing will hold in Gombe State on 21 and 22 October. Participants are expected from Adamawa, Bauchi, Borno, Taraba, and Yobe States.

In the Federal Capital Territory, the public hearing will hold on 25 and 26 October.

Participants at the zonal public hearings are expected to be drawn from states executives, legislatures, judiciary, local government officials, civil society groups, organized labour, elder statesmen, traditional rulers, and the general public.

The Commission urged “stakeholders” to participate effectively in the process and to submit five hard copies of their memoranda as well as soft copy of the proposed review to its office in Abuja or during the hearings across the zones.


Click for More News

%d bloggers like this: