Chief Elias Mbam, Chairman, Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), has stated that the Commision is working on new Revenue Sharing Formular which would take effect from 2021.
While speaking with Journalists, he said:
“Presently, we are working on new revenue sharing formula. We have started the process and all things being in equal, we expect that the new formula will be out in 2021,” he said.
“We are diversifying the sources of revenue, we have gone into the solid mineral sector. For the first time, the solid mineral sector is contributing to the federation account and we are closing up leakages.
“We are ensuring that revenue leakages are closed up or minimised so that more revenue will be accrued to the federation account.
“The commission is ever determined to use all its constitutional powers to ensure that all revenue accruable to the government is remitted to the federation account and on time,”