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New revenue formula ready, says RMAFC boss



The draft reports of the Revenue Allocation Formula as well as the Remuneration packages for Political, Public and Judicial Office Holders are now ready.

They are ready for submission to President Muhammadu Buhari for onward transmission to the National Assembly.

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in a statement released on Thursday and signed by Ibrahim Mohammed, Head, Public Relations said it had concluded its own side of the bargain in 2014.

According to Mohammed, “The Commission was on the process of sending the draft report to the former President, Dr. Goodluck Jonathan, certain intervening variables crept in to truncate the process.

“These included the proceedings of the Justice Kutigi-led National Conference and the Senator Ikweremadu-led Constitutional amendments respectively which also deliberated extensively on the issue of Revenue Allocation Formula review and lastly the 2015 general elections which saw to the emergence of the Buhari administration.”

Read also: North must contribute to GDP for stability, Saraki tells Arewa

The RMAFC spokesman also dismissed media reports that suggested that the commission was about to withdraw the two sensitive reports stressing that the “RMAFC was yet to make submission of either of the said reports to Mr. President.”

It would be recalled that Mr. Elias Mbam, the immediate past Chairman of the Commission had at the end of the Revenue Allocation Formula Review exercise in January, 2014 had assured Nigerians that the lapses inherent in the old revenue allocation formula would be addressed as the draft report would provide a just and promising template that would ensure that fairness becomes the grand norm and rule of engagement in the nation’s revenue sharing game.

Mbam then had cautioned that Nigeria must quickly reduce the level of its over-dependence on oil and gas revenue by diversifying the economy in order to ensure sustainable means of funding its development programmes as the hydrocarbon resources which the nation relies on are exhaustible, non-renewable and vulnerable to international price volatility and politics.

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