The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that a total sum of N7,314,129,314,386.08 accrued into the Federation Account in fiscal year 2023. The figures were contained in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) titled “CBN Federation Account Component Statement”. In a […]
….Lauds Tinubu On Oronsanye’s Report Implementation The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has commended President Bola Ahmed Tinubu for adopting the Steven Oronsaye Committee’s Report in furtherance of his administration’s sustained efforts aimed at reducing high cost of governance through the restructuring and rationalization of federal agencies, parastatals and commissions. The commission, in […]
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has expressed its support for the fuel subsidy removal by President Bola Ahmed Tinubu during his inaugural address, describing the fiscal regime as a major challenge to the nation’s economic growth and development over the years. The commission’s Chairman, Mr. Mohammed Bello Shehu, in a statement on […]
Stakeholders in the North Central zone on Thursday failed to agree on a new revenue sharing formula for the tiers of government with their recommendations ranging from 29% to 35% for state governments. The stakeholders, who shared their thoughts during the Public hearing of the current Revenue Allocation Formula (RAF) for the North Central Zone), organised […]
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) today commenced the process of reviewing the current revenue allocation formula for the three tiers of government in the country with a two-day public hearing in Lagos. Currently the sharing arrangement allocates the Federal Government 52.68 percent of the revenue, states 26.72 percent and the local governments […]