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Thursday, September 16, 2021

News RMFAC Commence Review of Current Revenue Sharing Formula

RMFAC Commence Review of Current Revenue Sharing Formula

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Revenue Mobilization and Fiscal Allocation Commission has commence sensitization for stakeholders on the review of the current revenue sharing formula in the country.

Speaking at a stakeholders meeting in Bauchi, the Federal Commissioner in charge of Bauchi and Gombe states Alhaji Muhammad Kabir Usman said the 1999 Constitution empowers the commission to review from time to time the revenue Allocation formulae to ensure conformity with changing realities.

Alhaji Muhammad Usman explained that the sensitization would take inputs from stakeholders to be use as template to enable the commission design a fair and equitable revenue formulae.

He mentioned some of the parameters used in the sharing formula to include population,Landmass,Equity,Revenue generation and social development factors.

“One of the Constitutional function of the revenue mobilization and Fiscal Allocation Commission is specified under part 1 paragraph 32B of the third schedule 1999 Constitution as amended,empower the commission to review from time to time the revenue Allocation formulae and principal in operation to ensure conformity with changing realities.

Provided any formula which has been accepted by an act of National Assembly shall remain in force for the period of not less than five years .

The Federal Commissioner assured that the commission would provide an acceptable revenue formulae that will meet yearnings and expectations in all the three tiers of government.

Alhaji Muhammad Usman said the current revenue sharing formula put the Federal at 52.6 percent,States 26.7 percent while Local government get 20.60 percent.

Declaring the session open Governor Bala Muhammad of Bauchi State urged the commission to ensure fair distribution of national resources for the benefits of all citizens.

Bala Muhammad who was represented by the Secretary to state government Barr Ibrahim Kashim said the state would use its cooperative advantage while presenting it’s template to derive maximum benefit from the new Allocation formulae.

” Every Nigeria most have to acknowledge that there is that need for the federating unit to have a sizeable chunk of resources,becouse every one comes from Local government or state is important that this is been look into.

Meanwhile,stakeholders at the meeting were drew from Executive,Legislature,Judiciary , Organized Labour and Civil Society organizations.

Ishaq Hardawa

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