Chairman, Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), Chief Elias Mbam, Sunday said the Commission has started the process for new revenue formula in the sharing of federal Government allocation to all the states of the federation.
He said the Commission was already working on the new sharing formula and that it would be out in 2021.
Mbam disclosed this in Item Amagu, Ikwo in Ikwo Local Government Area of Ebonyi State while speaking with journalists on the occasion of this year’s Christmas celebration by the member Representing Ezza Soith/Ikwo federal constituency in the House of Representatives, Hon, Chinedu Ogah for the constituency.
“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.
He explained that the Commission has diversified sources of revenue to the Federal Government with attention paid in the mineral sector to increase federal government revenue.
“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 minimized 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 federation account is transparently remitted to the federation account and on time,” he said.