New revenue formula ready by December – RMAFC chairman

The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission, Elias Mbam, has disclosed that the new revenue sharing formula would be ready by December 2013.

He stated this in a chat with journalists in Minna, the Niger State capital, on Monday.

Mbam explained that the Commission had been working very hard to ensure that the new revenue sharing formula was unveiled to Nigerians in line with the commission’s mandate.

“At the end of the day, we will come out with a formula that will reflect the wishes of the country and also to be seen to be fair, just and equitable.”

He said the Commission had met all the stakeholders, but it decided to consult all the former leaders of the country as well as hold public hearing on the issues to give Nigerians the opportunity to make their inputs.

Mbam said the commission decided to particularly consult the country’s former leaders owing to their wealth of experience and knowledge about the country and its operating system to get their inputs that would add to the final work.

Continuing, “We have gone round all the 36 states, 774 local government areas to seek the inputs.

“We are also looking at the responsibility these tiers of government are carrying out in correspondence with the revenue allotted to them.”

He said the Commission would begin public sitting on the new revenue formula in Lafia, Nasarwa State for the North Central Zone on September 10.

Commenting on the salaries and allowances of legislators, Mbam said: “Allowances to legislators and public officers are regular or non-regular, furniture allowance is every four years, vehicle allowance is a loan and severance package is at the end of their tenure.

“It is wrong to pad them together and add them as a monthly allowance.”