Chairman Revenue Mobilisation and Fiscal Allocation Commission, RMFAC, Engineer Elias Mbam has assured Nigerians that the new revenue sharing formula among the three tiers of government will be ready before the end of the year.
Engineer Mbam who disclosed this to newsmen in Minna yesterday shortly after meeting with some stakeholders in the state in his nationwide consultations on the new revenue formula for the country, said already the process leading to final recommendation on the new formula has reached 90 percent.
The chairman said he was in Minna to consult with some stakeholders, especially former heads of state so that at the end of the day “we will come out with the formula that will reflect the wishes of Nigerians”.
“The essence of this nationwide exercise which is one of the processes of the review is to have imputes from stakeholders in all sections, particularly consult with our former leaders who know much about this country than many of us”.
He said the need to effect the review in revenue formula was due to many changes that had taken place since the last review, “therefore there is the need to embark on the review to reflect current reality”.
The chairman explained that in order to avoid the mistake of the past where similar exercise had failed in the past, the commission has visited the 36 states and 774 local government areas in the country, stressing that in addition to this; it has also embarked on the review of past literatures to find out why past exercise failed.
He expressed the optimism that at the end of the exercise, the wishes of Nigerians will be respected by Nigerians because according to him, the present revenue sharing formula is not fair enough.
“So the focus of the review is to ensure that we arrive at a reasonable formula that will make it possible for each tier of government to discharge its constitutional responsibility”.