Mimiko begs FG, RMFAC to review revenue sharing formula

Governor Olusegun Mimiko has called on the Revenue Mobilization Fiscal Allocation Commission (RMFAC) and the Federal Government, to take a look at the revenue allocation formula with a view to implementing a review.

He stated that this had become necessary for the purpose of development of states and local government areas, which are closer to the people.

Governor Mimiko made the appeal on Monday, during the swearing-in ceremony of newly elected Chairmen of the 18 Council Areas.

Read also: The fraud called state/LG joint account –Gov Bello

He noted that though the constitution stipulated that the Revenue Mobilization and Fiscal Allocation Commission, RMFAC, review the revenue allocation every five years, the exercise had been jettisoned in the last seven years.

According to him, “with the present state of finance, it will just be apposite to call the attention of the federal government, to our skewed fiscal federalism that vests a disproportionate percentage (52%) of revenue on the federal government.

“However the states and local governments, the very tiers with considerable contacts with the populace, are given 26 per cent and 20 per cent respectively.”

 

 

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