Business

RMAFC to conduct public hearing on revenue allocation formula Oct 3

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stated that it will commence public hearings on the review of the revenue allocation formula on Monday, October 3, 2021, starting with the south-west geopolitical zone.

Advertisements

This was announced by RMAFC chairman, Elia Mba when the commission paid a courtesy visit to the house of representatives on Tuesday.

According to Mba, it is important that the public hearing is conducted to look at the objectives and subject of the revenue formula, describing it as long overdue.

Register Your Business or Company Name With CAC

He explained that the last time the formula was reviewed was in 1999, adding that the public hearing will be carried out alongside questionnaires.

“On Monday we are going to start the public hearing with the South West zone, we appeal to state governors to attend,” he said.

“There are some concerns such as security, environmental degradation, and erosion; so there is need to look at the sharing formula to ensure that what every tier of government gets is in line with their needs.

“This is a process, and the end will determine it. We cannot do this without seeking advice from the leadership of the House.

“Your input and advice will go a long way. When we finish, we will bring our recommendation to the National Assembly for further legislative action.”

Mba also said the RMAFC would carry out extensive sensitisation and public hearing in the other geopolitical zones to ensure that everyone was carried along so that the result would be an equitable and acceptable formula.

In his remarks, Femi Gbajabiamila, speaker of the house of representatives, said: “It’s over 30 years now. We have to balance growth, bearing in mind that we operate a federal structure.

“I believe that embarking on this important assignment should not be based on sentiment or emotions, but statistics so that at the end of the day, your report will not be faulted.”

In August, RMAFC said the new revenue allocation formula would be ready and submitted to Muhammadu Buhari before the end of 2021.

The post RMAFC to conduct public hearing on revenue allocation formula Oct 3 appeared first on NEWS.

Akahi News Recommends Within Nigeria For Details

Categories: Business, Latest News

Tagged as: Local NEWS

Leave a Reply

Your email address will not be published.