A new revenue sharing formula for the three tiers of government is to be approved before December, the chairman Revenue Mobilization Allocation and Fiscal Commission, RMAFC, Elias Mbamdisclosed on Monday.
Mbam made this known at the end of a meeting with stakeholders in Minna, Niger state.
He said based on the nationwide consultations carried out so far, the process of endorsing a new revenue sharing formula had reached 90 percent.
“After wide consultations with some stakeholders, especially former heads of state and other principal officers of government, we will come out with the formula that will reflect the wishes of Nigerians,” he said.
The chairman assured that at the end of the exercise, the wishes of the majority of Nigerians will be reflected in the new formula.
He said the focus of the review is to ensure that the nation arrives at a reasonable formula that will make it possible for each tier of government to discharge it constitutional responsibility.
Mbam explained that the essence of the consultations is to get inputs from stakeholders in all sections, particularly former leaders, who know much about the affairs of the country.
He said the new sharing formula was necessitated by changes in day to day running of the three tiers of government since the last review, as well as by agitations from some stakeholders for a review that would reflect current realities in the country.
The commission has successfully visited all the 774 local government in the country and is currently probing why past efforts to review the formula had failed.
By Nma Shekwolo