New Revenue Formula Will Fix Half Of Nigeria’s Problems – RMAFC


The Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, has said producing the right revenue sharing formula will help solve 50 per cent of the problems currently experienced in Nigeria.

Speaking in Abuja, RMAFC Chairman, Mr. Elias Mbam, stated that if the commission came out with the new revenue sharing formula, which it had been working on, it would complement the efforts of the National Dialogue.

“If we produce a formula that most Nigerians are happy with, over 50 per cent of what the National Dialogue aims to achieve is done.

“Because it is all about how to share political power and the nation’s revenue. These are the  two major contending issues we have in the country. So, if we are able to settle one aspect, they can use what we have devised as an input in what they are doing,” he said.

Mbam said the revenue sharing formula was almost ready and would meet the December deadline, with most aspect of the work already accomplished.

“We have finished literature review, touring, public hearing, sensitisation and collected all our memoranda.

“The next is to analyse what we have and that will be done during the retreat. The commission will go on a retreat on 28th of the month and the retreat will not take more than two weeks.

“At the retreat, we will produce a draft, this will then be confirmed by the plenary committee of the commission, after which we will print and forward accordingly to Mr. President,” he said.