THURSDAY May 1, 2025 |
By thenewsdesk.ng
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has pledged to review the country’s revenue allocation formula every five years, according to TheGUARDIAN reports.
The commission also called for the amendment of Section 162 (2) of the constitution to specify the time frame for the president to present a revenue allocation formula proposal to the National Assembly.
These are contained in a communique issued at the end of a three-day retreat for newly inaugurated members and management staff of the commission in Uyo.
The commission in the communique signed by RMAFC Chairman, Dr Mohammed Shehu, and the Secretary, Mr Joseph Nwaze, disclosed that the current revenue allocation formula had existed for 16 years, noting that it was ripe for review.
According to the communique, the constitution should also be amended to enable local government councils to receive payments directly from the federation account.”
The commission held that such amendments 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.
The commission expressed its commitment to exercise its constitutional mandate of monitoring revenue accruals to ensure accurate and prompt remittance of revenues by the generating agencies.
It further expressed the need to establish a National Revenue Dashboard that would interface with revenue generating agencies for digitised real-time monitoring.
It would be recalled that the Commission had in recent past made attempts, and had actually reviewed the allocation formula and forwarded it to then President Goodluck Jonathan towards the tail end of his administration. But for some reasons, he did not transmit it to the National Assembly.
Another attempt was made under former President Muhammadu Buhari, some times in 2021 to 2022, he also did not transmit the proposal to the National Assembly before the end of his tenure.
RMAFC To Review Revenue Formula Every Five Years
