Following intense agitations for the upward review of revenue allocation formula, the Federal Government, yesterday, assured Nigerians that a new revenue formula will be out first quarter this year.

Speaking when he played host to the members of the Nigerian Bar Association (NBA) in Abuja, chairman of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Bello Shehu assured that the current review of the remuneration for the political, judicial and public office-holders in the country will be concluded before the end of the present administration.

He also assured that the commission will be fair in carrying out its constitutional mandate.

Bello stated that RMAFC has demonstrated its commitment to the review exercise by carrying out public hearings on the review exercise in the six geo-political zones of the country simultaneously.

RMAFC Chairman thanked President Muhammadu Buhari for supporting the commission to carry out a holistic review exercise for the affected officeholders.

Bello, however, regretted poor funding of the commission irrespective of its strategic constitutional mandate to the socio-economic development of the nation as a whole, promising to expedite action to conclude the review.

Earlier, the president of NBA, Yakubu Chinoko Maikyan had thanked the RMAFC Chairman for the commission’s commitment while pledging the support of NBA for the success of the exercise.

In a statement, the commission’s public relations officer (PRO), Mr Nwachukwu Christian, said that Bello clarified that though the last review was carried out in 2008, the process of the current review would determine whether the review will be upward or downwards.

Meanwhile, Part 1, Paragraph 32 (b) of the third schedule to 1999 constitution (as amended), empowers the commission to review from time to time, the revenue allocation formula and principles in operations to ensure conformity with changing realities, provided that any formula which has been accepted by an act of the National Assembly shall remain in force for a period of not less than five years from the date of the commencement of the act.

Recall that the current formula is focused on the vertical allocation of the revenue allocation which deals with the allocation to federal, states and local governments. (Daily Sun)

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