The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said it has commenced the process of reviewing the current revenue allocation formula.
The Commission’s call for memoranda on the review signed by the Chairman of the Revenue Allocation Formula Committee, Mr Amujo Philip Ajayi, indicated that the move was in line with the provisions of the Paragraph 32 (b) of Part 1 of the Third Schedule to the 1999 Constitution of the Federal Republic of Nigeria, which empowers RMAFC to review the formula from time to time “provided that any revenue formula which had been accepted by an Act of the National Assembly shall remain in force for a period of not less than five years from the date of commencement of the Act.”
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The commission said the latest review of the existing vertical revenue allocation formula will “reflect the current socio-economic and political realities in the country.”
“The Commission is inviting written memoranda from the Federal, States and Local Government Councils; as well as the National Assembly, Judiciary, Civil Society, the Media, the Academia, Organised Labour and the general public in the proposed review,” RMAFC stated.
