The Nation Newspaper RMAFC begins review of new revenue formula
The commission said the remuneration of political and public office holders would be reviewed in batches.He said: “We are working on the new one altogether. The last time it was submitted, nothing was done. But we are going to work it out. It is our hope that may be before the end of the year, we will be able to finalise it.”
The current revenue formula is shared in accordance with the vertical formula, as determined by RMAFC and approved by the National Assembly. The immediate administration of President Muhammadu Buhari agreed to receive less federation revenue with a proposal to collect 50.65 per cent, down from the present 52.68 per cent.
Mustapha had argued that a lot of the resources allocated to the Federal Government were spent on providing services that were the responsibilities of state governments.
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