President Muhammadu Buhari today received the report of the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, which contains the new revenue formula for the country.
The President however said he would await the final outcome of the constitutional review process before presenting the report to the National Assembly for enactment.
The last review of the country’s revenue sharing formula was conducted in 1992, after which several socio-political arrangements have taken place, thereby altering the profile of the original formula.
President Buhari said the country must have a new comprehensive formula that would bring about the needed impact.
The new formula purposes that the establishment of local government as a tier of government, the abrogation of the state/local government joint account, moving airports, fingerprints, identification, and criminal records be removed from the Exclusive Legislative List to the Concurrent Legislative List.
It also seeks to empower the Commission to enforce compliance with remittance of accruals into and disbursement of revenue from the Federation Account.
He assured members of the Commission that the Federal Government would immediately subject the report to its internal review and approval processes.