New revenue allocation formula coming — RMAFC boss

Tribune

12 August 2011

New revenue allocation formula coming — RMAFC boss

THE chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Elias Mbam, has said the commission was working to ensure that by the first quarter of 2012, a new revenue allocation formula, which is fair and equitable, would be bequeathed the nation.

Mbam, who stated this in Abuja, when the governor of Ekiti State, Dr Kayode Fayemi, paid him a visit, noted that the 2004 revenue formula indices were no longer relevant.

He disclosed that the commission had set up a standing committee, saddled with the responsibility of going round the states, with a view to collecting data and indices that would be used in fashioning out a new revenue allocation formula.