In line with the assurance of the Chairman of Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Engineer Elias Mbam to deliver new revenue formula for the federation, the document is now ready for submission to President Goodluck Jonathan.
The commission had previously embarked on tour of the federations, sensitization visits to states, consultations, public hearings and extensive study of all relevant literature and fiscal matters relating to revenue allocation in an effort to make the final report credible, authentic and generally acceptable to Nigerians.
The Chairman, Public Affairs and Communication Committee (PAAC) of the Commission, Ambassador Zubairu Dada said the last time the revenue allocation formula was comprehensively reviewed was in 1992 and said that the current revenue allocation formula arose from the Modification Order issued by former President Olusegun Obasanjo in May 2002, and amended in July 2002, and January 2004 respectively. He revealed that the draft report contains all the submissions, relevant documents and inputs from stakeholders that were analyzed and considered at a two-week brainstorm retreat on the Revenue Allocation Formula in Tinapa, Cross Rivers State.
Zubairu stressed that the need for distributive justice, fairness and equity in the allocation of resources as enshrined in the 1999 Constitution guided the review exercise with consideration to the indivisibility of the country, public opinion and weighted constitutional responsibilities and functions of the three levels of government.
Recall that the Supreme Court Judgment of April 5, 2002 mandated the review of relevant sections of the subsisting allocation of revenue (Federation Account) Act to reflect changing realities and the yearnings and aspirations of Nigerians; and in conformity to the provisions of the 1999 Constitution (as amended) of the Federal Republic of Nigeria.

Article by Unen Ameji.
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