The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said the process of establishing a new revenue allocation formula for all tiers of government in the country has reached an advanced stage.

The Chairman, RMAFC, Dr. Mohammed Shehu, disclosed this on Wednesday at the ongoing three-day retreat for newly appointed members of the commission holding in Uyo.

Shehu said that the commission was working assiduously to develop a new remuneration package for political and public office holders in the country.

The RMAFC helmsman said that the commission stood at the threshold of a new era pegged in innovation, diligence and creativity.

He added that the RMAFC was establishing collaborations that would drive economic growth and progress in the country.

According to him, the traditional sources of revenue mobilisation has become insufficient to meet the nation’s evolving needs.

“Traditional sources and methods of revenue generation are no more in vogue; they have become insufficient to meet our nation’s evolving needs.

“Therefore, we must think innovatively and collaboratively to unlock new opportunities for the economic growth and development of our beloved country,” Shehu said.

The RMAFC chairman also said that there was the need for a strategic, technology-driven approach to revenue mobilisation.

“Effective collection, accountability and proper utilisation of revenues are essential for national development.

“Optimising revenue sources is not just a necessity but a responsibility that must be shared by all stakeholders,” he said.

He urged the new commissioners to be part of the new chapter being written in the nation’s fiscal policies.

“The determination must be collective. As stakeholders, we have to work together to optimise revenue collection and utilisation,” he said. (NAN)