The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has revealed that the revised revenue allocation formula will be tendered to the Federal Government for approval by the end of 2021.
This was contained in a release issued on Thursday by the RMAFC Chairman, Elias Mbam during the public hearing on the review of the vertical revenue allocation formula for the Northeast zone held in Gombe.
According to Mbam, the commission was committed to ensuring that the new revenue allocation formula captured the yearnings and developmental aspirations of Nigerians.
”The commission conducted similar exercises in other five geo-political zones of the country in order to obtain relevant data from relevant agencies for use in the review process.
”The wider engagement of stakeholders in the process of data gathering was to ensure an all-encompassing and inclusive process,” he said.
He said that studies on fiscal matters relating to the allocation of federation revenues were also being carried out, adding that the processes were aimed at ensuring that the new revenue formula would be “fair, just and equitable.”
He expressed confidence that the participation and contributions in the public hearing would enrich the outcome and assist the commission in coming up with a revenue formula that would be acceptable to the majority of Nigerians.
The chairman called for support at all levels of the review process to ensure that the process was brought to its “logical conclusion.”
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