The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has proposed new revenue sharing formula for federal, states and local governments.
RMAFC Chairman, Elias Mba, made the announcement on Tuesday at a press briefing in Abuja.
“I want to reiterate that the commission is highly determined to produce, within the shortest possible time, a new revenue sharing formula that will be fair, just, and equitable to the three tiers of government,” he told reporters.
Under the new regime, according to Mba, revenue for the federal, state, and local governments as proposed by the commission is pegged at 52.6 per cent, 26.7 per cent, and 20.6 per cent respectively.
The new revenue sharing formula is expected to be implemented by the end of 2021, 28 years after the commission conducted a review.
“The commission has programmed to complete this review process by the end of 2021. I am glad to observe that the response so far from Nigerians is very impressive,” Mba said.
“On this note, I call on all Nigerians to be part of the current exercise by making relevant inputs that will enrich the exercise and give their unalloyed supported to the commission to achieve its desired goals.”
