The Chairman, Revenue Mobilisation Allocation and Fiscal Commission, Mr. Elias Mbam, on Monday assured Nigerians that a new revenue sharing formula among the three tiers of government would be ready before the end of the year.
He said this while addressing journalists in Minna, Niger State, shortly after meeting with stakeholders in the state as part of the nationwide consultations on the new revenue formula for the country.
Mbam said already, the process leading to the final recommendation on the new formula had reached 90 per cent.
He said he was in Minna to consult with 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 inputs from stakeholders in all sections, particularly to consult with our former leaders who know much about this country than many of us,” the RMAFC boss said.
He said the need to undertake the review of the revenue sharing formula was due to many changes that had taken place since the last exercise, adding that there was a need to embark on the review to reflect current realities in the country.
Mbam explained that in order to avoid the mistakes of the past when similar exercises had failed, the commission had visited the 774 Local Government Areas in the country, stressing that in addition to this, members had also gone aboard and reviewed past literatures to find out why the past exercises failed.
He expressed optimism that at the end of the current exercise, the wishes of Nigerians would be respected because the present revenue sharing formula was not fair enough.
Information from Punch was used in this report.