RMAFC Completes Review of Revenue Allocation Formula, Awaits Approval

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has completed its comprehensive review of Nigeria’s Revenue Allocation Formula, with the harmonised report and legislative proposals now ready for transmission to the appropriate authorities.

Chairman of the Commission, Dr. Mohammed Bello Shehu, disclosed this during an interactive session with members of the Nigerian Guild of Editors in Lagos, where he presented the Commission’s achievements from 2023 to date.

Shehu said the review involved extensive consultations with the federal, state and local governments, technical stakeholders and other relevant groups across the country.

According to him, the exercise considered fiscal responsibilities, revenue trends and comparative experiences from other federal systems before arriving at a harmonised position.

He described the review as one of the Commission’s most significant assignments, noting that the proposals are expected to guide a more equitable distribution of revenue among the three tiers of government.

The RMAFC chairman also disclosed that the Commission had concluded its review of remuneration for political, public and judicial office holders, with the various proposals at advanced stages of consideration by the appropriate authorities.

He stressed that any increase in remuneration must be accompanied by accountability and improved performance, saying better pay should translate into better service delivery to Nigerians.