Tuesday, July 27, 2021

FG Begins Review Of Revenue Allocation Formula

Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the review of the revenue allocation formula has commenced.

Nwachukwu Christian, public relations officer of RMAFC, quoted Elisa Mbam, chairman of the commission to have said this on Monday while receiving members of the national assembly service commission led by Ahmed Amshi at his office in Abuja.

Mbam said that while the legislation may have to approve the outcome, the commission’s fixes are final and cannot be surpassed.

“The Revenue Mobilisation Allocation and Fiscal Commission has concluded arrangements to fully commence the review of the nation’s revenue allocation formula,” the statement reads.

“RAF review is at first concentrating on the vertical formula which has to do with sharing of revenue between Federal, State and Local governments.

“This will be followed by a horizontal formula which also has to do with sharing among states and local governments.

“The review is targeted at equitable distribution of the accrued revenue into the Federation Account to the three tiers of government, and this will be concluded before the end of 2021.”

The RMAFC chairman also disclosed that the remuneration review for political and judicial officeholders would equally start as soon as the federal government released fund for it.

“The review of remuneration for judicial and executive officeholders in the federation is subjected to further legislation by National or State Assemblies as the case may be for approval but not more than what RMAFC has recommended,” he added.

“RMAFC’s determination for legislatures at federal, state and local government is final.”

In April, the RMAFC chairman had said Nigerians should expect concrete outcome on thereview of the remuneration of political and judiciary officeholders.

He did not state if the review will reflect an increase or decrease.

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