Review of Revenue Allocation Formula : Commission embarks on nationwide stakeholders sensitisation

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  • Applauds Governor Sanwo-Olu on giant strides in Lagos

(Report by Udeme Clement):

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has embarked on a nationwide sensitisation of stakeholders on topical issue of the review of existing revenue allocation formula, which has been in operation over a long period of time.

At present, the Commission is in Lagos State for this national assignment holding from Monday 16 – Friday 20, August, 2021 in the State.

Speaking at the opening session of the sensitisation programme in Lagos, the Federal Commissioner of RMAFC, Prof. Adekunle Wright, said the exercise is in compliance with the foregoing Constitutional provision and in view of changing socio-economic and political dynamics of the Nation.

He explained that the Commission has been prompted to commence full scale engagement of representatives of various Stakeholders and the people nation-wide, in the process of fashioning a new revenue allocation formula for the country.

The Federal Commissioner stressed that over the years there have been crying needs and stiffed agitation by many Nigerians for review of the subsisting Revenue Sharing Formula.
” It is therefore worthy of note that the imperatives of the review cannot be over-emphasized, in order to fulfil the collective aspirations of Nigerians for sustainable development”, he informed.

Prof. Wright, pointed out; ‘The sensitization exercise has been designed to enlist interests of Stakeholders through interactions at various levels, in order to make useful inputs that can provide workable template to assist the Commission in its task of evolving and bequeathing to the Nation a fair, just and equitable new revenue sharing formula.

“Thus, I am soliciting for positive contributions at the interactive sessions and through your written memoranda.”

He reiterated;
“The Commission is greatly desirous to provide within the shortest time possible, a generally acceptable new Revenue Sharing Formula that will meet the yearnings and expectations of the three-tiers of Government; which will benefit the citizenry. I am glad to say that the impressive response shows the importance the State attaches to the programme.”

His assertion :
“Revenue allocation from the Federation Account is a specific Constitutional mandate of the Commission- RMAFC. Specifically, Part 1, Paragraph 32(b) of the Third Schedule to the 1999 Constitution of the Federation (as Amended), empowers the Commission to review from time to time, the Revenue Allocation Formula and principles in operation to ensure conformity with changing realities, provided that any Revenue Formula, which had been accepted by an Act of the National Assembly shall remain in force for a period of not less than five years from the date of commencement of the Act.’’

Speaking further, the Federal Commissioner of RMAFC, applauded
Governor, Babajide Olusola Sanwo-Olu for his giant strides in Governance of Lagos State.

His words; “It is a rare privilege for me to be here for this National assignment.
Let me use this opportunity also to congratulate and commend Mr. Governor for the giant strides in Governance of Lagos State.

“I thank our dynamic Governor, once again for being part of this programme. Distinguished Ladies and Gentlemen, you are all welcome to the interactive session.”

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