New revenue allocation formula to reach Tinubu in two weeks — RMAFC
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says it expects to submit the final draft of the reviewed revenue allocation formula to President Bola Tinubu within the next two weeks for onward transmission to the National Assembly.
Chairman of the Commission, Dr. Mohammed Bello Shehu, disclosed this on Wednesday while receiving a delegation from BusinessDay Newspaper led by its Managing Director, Ogenevwoke Ighure, during a courtesy visit to the Commission’s headquarters in Abuja.
According to Bello Shehu, the Commission has substantially completed the review and is awaiting the preparation of the final draft before forwarding it to the President.
“We have concluded the substantive work and are optimistic that within the next two weeks, the final draft will be ready from our end. We have already briefed Mr. President, and we believe the process will move seamlessly to the National Assembly,” he said.
He explained that the Commission adopted a collaborative legal approach by working closely with the Federal Ministry of Justice and the Office of the Solicitor-General of the Federation to ensure all legal processes are concluded before submission, a move he said would eliminate bureaucratic delays that affected previous reviews.
Bello Shehu said the review was based on extensive nationwide research involving both quantitative and qualitative assessments, drawing on data from the National Bureau of Statistics and other government agencies, alongside field assessments conducted with technical experts.
He added that the proposed formula also reflects constitutional changes since 1999, including expanded responsibilities assigned to state governments in areas such as electricity generation and distribution, railway services, correctional services and state policing.
The RMAFC chairman reaffirmed the Commission’s commitment to transparency, accountability and collaboration with the media, describing the visit by BusinessDay as an opportunity to strengthen public understanding of Nigeria’s fiscal governance.
