The House of Representatives has asked the Revenue Mobilisation, Allocation and Fiscal Commission to come up with a new revenue sharing formula that will put more resources at the disposal of state and local governments.
The House Committee on Finance, which grilled Chairman of the RMAFC, Mr Elias Mbam, at a budget defence session in Abuja on Wednesday, said Nigerians were demanding devolution of power especially on finances.
Chairman of the committee, Mr James Faleke, said, “Let us make it very clear, Chairman (Mbam); the Revenue Mobilisation, Allocation and Fiscal Commission is purely established to mobilise revenue for Nigerians and a very core responsibility is the issue of new revenue formula.
He added, “Where you just sit down and you see the Federal Government sponsoring a lot of projects like N-Power, N-Agric that they have no business with, it shows us that there is so much money at the centre to the detriment of the states.
The document partly read, “The cost of governance in Nigeria is very high and has continued to be on the increase.
“This is clearly unsustainable as no country can develop with such a high level of recurrent expenditure.”
Mbam disclosed that the agency recovered over N75bn from some probes, details of which the committee asked him to provide.
He also said over N474m had been recovered by its current Customs Monitoring Committee.