Buhari to transmit new revenue formula to NASS - RMAFC

• Published date: 13 January 2023
• Publication title: Nigeria - The Nation

The proposed new revenue formula is in the final stage of becoming a public document.

As part of the process of giving the nation an acceptable revenue formula, the new formula will soon be presented to the National Assembly to pass into law.

A statement from the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) on Friday in Abuja said plans were afoot for the new revenue formula to be transmitted to the National Assembly.

Going by tradition, President Muhammadu Buhari, after going through the details of the vertical revenue formula and satisfied with the contents, will then forward the formula 'to the National Assembly for promulgation into law'.

The vertical Revenue Allocation Formula deals with the sharing of revenue among the three tiers of government while the Horizontal Revenue Allocation Formula involves distribution among states on the one hand and Local governments on the other.

Since the RMAFC has confirmed that the President will soon transmit the vertical revenue formula to the National Assembly, the Commission has commenced the review of 'the indices used for the Horizontal Revenue Allocation Formula'.

To this end, the RMAFC is set to roll out 'a proprietary software for the collection of data on the indices to be used for the horizontal Revenue Allocation Formula for the Nation'.

Lawan seeks better funding for RMAFC

Chairman of the RMAFC Mr. Mohammed Bello Shehu disclosed this in Abuja while announcing the take off of its maiden tooling programme.

According to...