In an effort to reflect the wishes of Nigerians, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has promised that it will come up with a new revenue allocation formula.
In an effort to reflect the wishes of Nigerians, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has promised that it will come up with a new revenue allocation formula.
Giving the assurance at a public hearing on the review of the revenue allocation formula in Nigeria for the North-east zone in Bauchi Thursday, Chairman of RMAFC, Mr. Elias Mbam, said the commission had been actively engaged in advocacy and a mass mobilisation campaign on the review of the allocation formula through consultations, sensitisations and public hearings.
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The aim, he said, was to reach out further to more Nigerians and provide another opportunity to stakeholders to express their views and submit memorandum on the review process.
This, he added, would assist the commission in coming out with a new allocation formula, which he said, would reflect the wishes of Nigerians and accelerate the socio-economic development of the country.
According to him, "One of our constitutional responsibilities as a commission is to review from time to time, the revenue allocation formula and principles in operation, to conform to changing realities.
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"It is in line with this constitutional provision that the commission commences the process of the review right from last year. We have carried out a lot of studies and we have undergone several other processes.
"The stage we are now is almost the final stage where we want to get inputs from the general public and all stakeholders and we started by advertising in the print and electronic media inviting memoranda, that we have received, we went through all the state and local governments.
"And now, we are giving another opportunity to Nigerians at the level of zones to make their inputs, so that we can collect the wishes of Nigerians and use it as a guide to determine the new revenue formula.
"The review of the revenue allocation formula is very sensitive and critical and is not something we want to do and make a mistake.
"We want to involve Nigerians; we are asking everybody, particularly those who have more experience in this area to please make inputs so that when we come out with a formula, it would be accepted by the majority of Nigerians and it would be regarded to be fair, just and equitable."
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