The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the review of the revenue allocation formula will be ready for presentation to President Muhammadu Buhari by the end of 2021.

The Chairman of the commission, Mr. Elias Mbam, made this known while addressing newsmen at the Nation’s capital Abuja.

Mbam said the review was one of the major responsibilities of the commission and was last done in 1992, which was 28 years ago.

He said that according to the constitution, the formula, which has been accepted as an act of the National Assembly, would remain in force for a period of not less than five years.

He, however, said that several attempts by the commission to review the formula had failed.

Mbam said: “Proposal for new Revenue Allocation Formula for the three tiers of government (Federal, State, and Local Governments) was first made by the Commission in August 2001.

“But the recommendation was withdrawn due to the compelling verdict of the Judgment of the Supreme Court on suit No. SC 28/2001 of April 5, 2002, which recognized the beneficiaries of the federation account as Federal, State, and Local Governments.

Read more: https://newscentral.africa/2021/08/25/nigeria-rmafc-to-submit-new-revenue-formula-to-president-buhari/