RMAFC Begins Revenue Allocation Formula Review Process


The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) will Monday commence the process of reviewing the current revenue allocation formula for governments in the country with a two-day public hearing in Lagos.
The South West public hearing will kick-off the nationwide consultations expected to lead to a new revenue sharing formula for the country. The states expected to participate are Lagos, Ekiti, Oyo, Ogun, Ondo and Osun.
Under the current sharing arrangement, the Federal Government takes 52.68 percent of the revenue shared; States get 26.72 percent while the Local Governments get 20.60 percent.
The current review will focus only on the vertical allocation which covers allocation to the Federal, States and Local Governments and does not imply reduction in the cost of governance.
RMAFC said the review is in pursuant of its constitutional mandate that empowers it to “review from time to time, the revenue allocation formula and principles in operation to ensure conformity  with changing realities”.
A schedule of the public hearings released by RMAFC shows that the South South zone will hold in Rivers State on Thursday October 7 to Friday October 8 with participants expected from Rivers, Akwa Ibom, Bayelsa, Cross River, Delta and Edo states.
For the South East which holds in Imo State from 11-12 of October, participants are expected from Abia, Anambra, Ebonyi, Enugu and Imo states.
In the North West, Kaduna State will host the public hearing with participants expected also from Jigawa, Kano, Katsina, Sokoto, and Zamfara states.
Kogi State will be the host for the North Central on the 19-20th October, with participants from Benue, Kwara, Nasarawa, Niger and Plateau states.
In the North East, the public hearing will hold in Gombe State on 21 and 22 October. Participants are expected from Adamawa, Bauchi, Borno, Taraba, and Yobe states.
In the Federal Capital Territory, the public hearing will hold on 25 and 26 October.
Participants at the zonal public hearings are expected to be drawn from States Executives, legislatures, judiciary, local government officials, civil society groups, organized labour, elder statemen, traditional rulers and the general public.
The Commission urged all stakeholders to participate effectively in the process and to submit five hard copies of their memoranda as well as soft copy of the proposed review to its office in Abuja or during the hearings across the zones.

COVID-19 TIPS

Be the first to comment

Leave a Reply

Your email address will not be published.


*