Chief Elias Mbam, Chairman of RMAFC

New revenue formula effective in Nigeria from 2021, says RMAFC

*Revenue Mobilisation, Allocation and Fiscal Commission discloses that Nigeria has diversified sources of revenue to Federal Government with attention on the minerals sector of the economy to increase revenue

Isola Moses | ConsumerConnect

With diversified sources of revenue to the Federal Government of Nigeria, by paying attention to the mineral sector to increase revenue, the country’s Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has disclosed work has commenced on the new revenue allocation sharing formula taking effect from 2021.

Chief Elias Mbam, Chairman of RMAFC, stated this in a media chat Sunday, December 27 at Item Amagu, Ikwo, in Ikwo Local Government Area of Ebonyi State.

Mbam said the Commission had diversified sources of revenue to the Federal Government with attention paid to the minerals sector of the economy so as to shore up revenue.

 

The Chairman of the Commission stated: “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.

“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.

The RMAFC Chief noted: “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.”

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