The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced that a new Revenue Allocation Formula (RAF) will be ready for implementation before the end of 2021.
RMAFC stated that the review of the RAF has been concluded.
This disclosure was made in a statement issued on Monday.
Many Nigerians have been calling for a revised revenue allocation formula so that more resources are made available to the states and local governments where ordinary Nigerians reside. Many had also argued that the review of the revenue formula has become expedient in view of the huge responsibilities facing states and local governments in the country.
Similary, some Nigerians have also called for the review of the salaries, allowances and other financial entitlement of political office holders in a bid to align the remuneration of the political office holders to ‘current realities’ in the country.
Meanwhile, the RMAFC has disclosed that a new RAF has been drafted.
According to the Commission; “arrangements to fully commence the review of the Nation’s Revenue Allocation Formula (RAF) has been concluded.”
“The review is targeted at equitable distribution of the accrued revenue into the Federation account to the three tiers of government,” the statement added.
