The Presidency will get a document on the new revenue formula for the nation by December, the Revenue Mobilisation, Allocation and Fiscal Commission has said.

In an interview with our correspondent in Abuja on Wednesday, the Head of Public Relations, RMAFC, Mr. Ibrahim Mohammed, dismissed insinuations that the agency would not be able to meet the deadline of completing work on the new revenue formula before the end of this year.

Mohammed said there was no going back on the deadline as everything had been put in motion to complete work on the new revenue formula and submit it to the Presidency before the end of the year.

He said, “We have completed consultation with former Heads of State and top political office holders. We have completed the analysis of the data that we gathered throughout the country. We have completed consultation at the zonal level.

“In two weeks, the revenue formula committee chaired by the chairman and chief executive of the commission will meet in a retreat to articulate the new formula, which will be presented to the Presidency for approval before it goes to the National Assembly.”

According to Mohammed, the work that the committee will be doing at the retreat represents the final work to be done before the draft report and formula is ready for presentation in a plenary session.

Each of the six geopolitical zones of the country is represented in the new formula committee by one commissioner. The chairman of the commission, who chairs the committee, is the seventh member.

The revenue allocation agency had recently consulted with former top political office holders including Chief Olusegun Obasanjo, General Yakubu Gowon, Alhaji Shehu Shagari and former Vice-President Atiku Abubakar.

Towards preparing a new revenue formula, the RMAFC had gathered data from the 36 states of the federation and 774 local government areas as well as the Federal Capital Territory.

It had followed this up with a verification tour, which was embarked upon by top officials of the agency. However, the tour could not wholly authenticate the veracity of the data submitted by the states and the RMAFC was forced to rely on federal agencies for more authentic data.

It had also recently gathered surveyors-general of the 36 states of the federation and the FCT to deliberate on the weight of terrain in each state and local government area of the country in determining what accrues to each entity from the Federation Account.

However, the 36 states of the federation and the FCT are not agreed on the classification of the country into only three terrain types.
http://www.punchng.com/business/business-economy/presidency-gets-new-revenue-formula-december-rmafc/

This will end up as nuttin but a nice distraction!

Mark ma words!

No one has the plan to effect any change as regards regional terrain or whatever..its just a decoy!

I hope the revenue allocation formula would be favourable this time around. For goodness' sake,too much money is being allocated to the central government with little or nothing to show for it. The new formula should allocated like 30% or 40% to the central government,while the state and local government share the rest.

I hope they will include 13% derivative to non oil producing states where federal government generate high revenue. States like Lagos should also start getting 13% derivative of the money the federal government earn in her territory apart from the monthly allocation, like it is for the oil producing states.

The revenue allocation agency
had recently consulted with
former top political office
holders including Chief
Olusegun Obasanjo, General
Yakubu Gowon, Alhaji Shehu
Shagari and former Vice-
President Atiku Abubakar.

Why there is no consultation from where the resources is coming from? We are waiting for the outcome

The new sharing formula must be 50% of resource control. For finite resources like crude it should be 75%.

Let these lazy abokis and jealous yorubas get to work

sharrrap! before the discovry of your soon~to~dry~up~crude oil, the north (aboki) was the backbone of the nigeria economy and til eternity we are still a pillar of the nations economy, was their anytin like 13% derivative for non agricultural producing state (south~south/East) and 50% or 75% for agricultural producing state? how so soon have you forgotten!

tjfulloption: sharrrap! before the discovry of your soon~to~dry~up~crude oil, the north (aboki) was the backbone of the nigeria economy and til eternity we are still a pillar of the nations economy, was their anytin like 13% derivative for non agricultural producing state (south~south/East) and 50% or 75% for agricultural producing state? how so soon have you forgotten!

Myth: Northern resource either went back to the north or in the British Colonial Masters coffers none of it trickled down south.
2. The Niger Delta was far richer in terms of cash crops such as Palm oil, rubber and timber exports.
3. The Niger-Deltans were also well established in trans-atlantic trade involving palm oil, rubbber, Ivroy and slaves before colonialization began. The Niger-Delta produced the richest business men in Africa back then.

4. The Niger Delta fed itself from it's own land. When oil exploration and exploitation began the land and waters became polluted.

5. You sound like the proverbial harlot from the Tale of Solomon who preferred to see the baby cut in half . It is not your oil, so we know you are jealous and hope to see it dry up soon, even though like the ingrate you are like your fathers, you fail to be appreciative of what made Nigeria an economic power but want to ascribe groundnuts and cocoa as the true source of Nigeria's economic boom. Why then are you not interested in farming cocoa? The prices now are far better than what you were getting back then, so what stops you from going into agriculture? You don't need to answer since we know that free oil has made you lazy and dependent.

Now who has forgotten their geo-political history

tjfulloption:
was their anytin like 13% derivative for non agricultural producing state (south~south/East) and 50% or 75% for agricultural producing state? how so soon have you forgotten!

We have not forgotten because there was no percentage then truly , the north controlled their groundnut pyramids and the south did not give a damn cos they were always working and finding other means of revenue but when oil was discovered in the south , laziness and poverty began in the north

ITbomb:
We have not forgotten because there was no percentage then truly , the north controlled their groundnut pyramids and the south did not give a damn cos they were always working and finding other means of revenue but when oil was discovered in the south , laziness and poverty began in the north

Please ask the ediot if the feds get to take all the fulani cattle and return 13% back knowing fully well that the Fulanis are migratory herdsmen who also export their livestock to places like Cameroun, Chad, Niger and other neighboring states.

I know there are some misguided older men feeding you kids nonsense.