Monday , September 21 2020

FG begins process to review revenue sharing formula, expand revenue base

Abuja – The Federal Government has constituted 12 committees to review the present revenue sharing formula of the federation as well as ways to expand the revenue base of the nation.
The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Elias Mbas made this known on Thursday in Abuja at the inauguration of chairmen and members of the Committee.
Mbam said that the committees became necessary following President Muhammadu Buhari’s directive that the RMAFC should focus on expanding the sources of revenue to the Federation Account.
According to Mbam, the President also tasked them to concentrate on increasing the non-oil revenue sources, especially solid minerals.
The chairman urged the committee members to also look into promoting policies that would further strengthen the Commission’s ability to block revenue leakages from the Federation Account.
The 12 committees formed are the “Indices and Disbursement Committee, Federal Allocation Account Committee, Crude Oil Monitoring Committee, Inland Revenue Monitoring Committee and the Revenue Allocation Formula Committee.
Others are Customs Revenue Monitoring, Solid Minerals Monitoring, Remuneration and Monetisation, Fiscal Efficiency and Budget, Mobilisation and Diversification and Investment Committees.
The News Agency of Nigeria (NAN) reports that RMAFC is constitutionally empowered to monitor the accruals to and disbursement of revenue from the Federation Account.
It is also saddled with the responsibility of reviewing from time to time, the revenue allocation formula to conform to changing realities.
The Commission also serves as adviser to the Federal, State and Local Governments on fiscal efficiency and methods by which their revenue could be increased.
They are also saddled with the responsibility of determining the appropriate salaries and benefits for all Political Office Holders in the country, including the President. (NAN)

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