With the evolving social-economic, political and fiscal realities of our nation, the Commission has unveiled the exercise to review the current revenue allocation formula for sharing revenue among the three tiers of government in Nigeria.
The Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, made this known on Monday in Abuja, during a press conference to formally launch the 2025 Revenue Allocation Formula Review.
Dr. Mohammed, stated that under paragraph 32 (b), part l of the Third Schedule of the 1999 Constitution of the Federal Republic of Nigeria (as amended) mandated the RMAFC to review from time to time the revenue allocation formula and its principles in operation to ensure conformity with recent changing realities.
He added that based on the constitutional amendment, it is essential to re-evaluate the structure of fiscal federalism in order to foster economic growth in individual states, with the enablement to become independent from the central government.
*”The aim of this review is to produce a fair, just and equitable revenue sharing formula that reflects the current responsibilities, needs and capacities of the three tiers of government”* Bello Stressed.
Additionally, the RMAFC Chairman said that this review will be inclusive, data-driven and transparent. It will involve broad-based constitutions with critical stakeholders including the presidency, national assembly, state governors, ALGON, the judiciary, MDAs, civil society organisations, traditional rulers, the organized private sector and development partners.
Earlier in his speech, the Chairman, Revenue Allocation Formula Committee, Kabir Muhammad Mashi, OON, said that today marks a pivotal step in the evolution of our fiscal federalism and intergovernmental fiscal reactions. It provides an opportunity for us to intimate you of our activities so as to understand the approach and offer your perspective on this vital matter.
Mashi, stressed that the Commissioned is determined to conduct this review through a process that is inclusive, transparent, evidenced-based and fully aligned with the spirit and letters of the 1999 constitution (as amended).
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