RMAFC seeks periodic review of revenue allocation formula

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it will be more productive to review the nation’s revenue allocation formula every five years.

This is contained in a communique issued at the end of the three-day retreat for newly inaugurated members and management staff of the commission in Uyo.

Signed by RMAFC Chairman, Dr Mohammed Shehu, and the Secretary, Mr Joseph Nwaze, the commission disclosed that the current revenue allocation formula had existed for 16 years.

In the communique presented by Mr Ismail Agaka, the Chairman, RMAFC’s Public Affairs and Communication Committee, it said that the current formula was ripe for review.

It further called for the amendment of Section 162 (2) of the constitution to specify the time frame for the president to present revenue allocation formula proposal to the National Assembly.

“The constitution should also be amended to enable local government councils to receive payments directly from the federation account,” it said.

The commission held that such amendment would fall in line with the July 11, 2024 Supreme Court judgment that granted financial autonomy to local government councils.

It further called for a constitutional amendment to include local government council chairmen and councillors among the beneficiaries of the remuneration package listed in the 1999 Constitution.

RMAFC expressed its commitment to exercise its constitutional mandate of monitoring revenue accruals to ensure accurate and prompt remittance of revenues by the generating agencies.

The commission expressed the need to establish a National Revenue Dashboard that would interface with revenue generating agencies for digitised real-time monitoring.

Freedomonline reports that the theme of the retreat is: “Understanding the Role of RMAFC and other Stakeholders, Agencies in Nation Building”