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Nigeria’s revenue sharing formula outdated – Gbajabiamila

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The Speaker of the House of Representatives, Femi Gbajabiamila, on Tuesday joined the growing call for the review of the country’s revenue sharing formula.

The country’s revenue sharing formula was last reviewed during the ex-military President, Ibrahim Babangida’s administration in 1992.

Gbajabiamila, who made the call when the Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Engr. Elias Mbam, led the agency’s management on a courtesy visit to the leadership of the House in Abuja, said the current realities make the review of the revenue allocation imperative.

He said “In the attempt to review the revenue allocation in the country, which was last done almost 30 years ago, the commission should ensure that all stakeholders were carried along and that all necessary things are done so that the final report could not be faulted.

“I’m glad you’re here. Your commission is one of the unsung heroes. You are of the 14 institutions established by the constitution, while all others were established by other laws.

READ ALSO: Okowa reiterates call for review of revenue sharing formula

“It’s almost 30 years that the last review was done. It’s such a long time. The current formula is outdated because a lot has changed from 1992 to date.

“I charge you to do your review, not based on any sentiment. You should consult widely so that your report won’t be faulted. I’m glad you said you are conducting public hearings. It’s good to do that, to seek people’s opinions.

“You should work based on the principles of justice, equity, and fairness. Nigeria is a peculiar country, hence the need to do a thorough and diligent review.”

In his address, Mbam said the RMAFC’s team visit to the House was to seek the support, advice, and guidance of the lawmakers on the planned review of revenue allocation in the country.

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