Design New Revenue Sharing Formula, Lawmakers Tell RMAFC

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The House of Representatives has asked the Revenue Mobilisation, Allocation and Fiscal Commission to come up a 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 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 revenue formula.

“If you are unable to do this core responsibility, then Nigerians will be happy us. Nigerians are saying that the at the centre is too much.”

He added, “Where you just sit down and you see the Federal sponsoring a lot of like N-Power, N-Agric that they have no business , it shows us that there is so much at the centre to the detriment of the states.

“Please, take this your function as very critical. If by next year we are getting anything towards a bill, this committee might be forced to consider your budget.”

Mbam, written presentation to the committee, a part of which he read out, decried the high cost of governance the country, saying the RMAFC was on the verge of introducing a .

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.”

The RMAFC boss also called for the separation of the offices of the Accountant-General of and the Accountant-General of the Federal .

Mbam disclosed that the agency recovered N75bn from some probes, details of which the committee asked him to provide.

He also said N474m had been recovered by its current Customs Monitoring Committee.