The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has concluded arrangements to commence the review of national revenue allocation formula, with a view to getting the new formula ready before the end of 2021.
RMAFC yesterday said the impending review is targeted at equitable distribution of the accrued revenue into the federation account to the three tiers of government.
Chairman of RMAFC, Engineer Elias Mbam told members of the National Assembly Service Commission led by Engineer Ahmed Khadi that the review of remuneration for political and judicial office holders will equally take off as soon as the Federal Government releases fund for it.
He said the new formula will be ready before the end of the year and it will take into consideration many variables including security, environmental challenges and many other issues.
Engineer Mbam said all the variables will be taken into consideration in the review while a new advice will be given to the president.
According to him, the revenue allocation formula review is at first concentrating on the vertical formula which has to do with sharing of revenue between the three tiers of government, followed by a horizontal formula which also has to do with sharing among states and among local governments.