Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed Shamsuna has restated the constitutional role of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), on the monitoring of accruals and disbursements of revenue from the Federation Account, pointing that the powers of the commission as constitutionally stated do not relate to collection of revenue […]
As the ongoing public hearings on the review of revenue sharing formula continue to gain traction, North West geopolitical zone leaders have canvassed a new revenue sharing regime that would give states and local governments 60 percent of the accrued revenue into the Federation Accounts. Political, economic and civil advocacy stakeholders from the North-West states […]
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 […]
The Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), on Tuesday disclosed that a revised revenue allocation formula for the three tiers of government would be presented to the Executive by December this year. The Chairman of the commission, Engr. Elias Mbam, who made the disclosure during a media briefing in Abuja said the review was […]
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Monday disclosed that a total sum of N1.54 trillion was generated by revenue agencies and ministries, departments and agencies (MDAs) into the federation account in the first quarter of this year. A statement by the commission’s Public Relations Officer (PRO), Mr. Nwachukwu Christian, indicated that the […]
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has unveiled plans to carry out a nationwide verification and reconciliation exercise on revenue inflows and remittances from relevant organizations to the appropriate government treasury covering a four year period (Jan 2016 – Dec 2019) with a view to compelling defaulting MDAs to remit such revenue to […]