A cross section of participants at the Retreat
The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) proposed a review of revenue allocation formula to enhance fiscal management and promote economic development.
The Commission said reviewing the formula every five years, as stipulated by the constitution, would ensure equitable distribution of revenue among the three tiers of government.
This was part of the communiqué reached at the end of a 3-day Retreat for Members and Management Staff of RMAFC, held at the Ibom Hotel & Golf Resort, Uyo, Akwa Ibom state.
The communiqué was signed by the chairman and the secretary of the Commission, Muhammed Shehu and Joseph Okechukwu, and read by the Chairman, Public Affairs and Communication Committee of the Commission, Ismail Agaka.
The communique added that Section 162 (2) of the constitution should be amended to specify the time frame the President will present the proposal of RMAFC on the review of Revenue Allocation Formula to the National Assembly upon receipt from the Commission.
It resolved to intensify its constitutional mandate of monitoring revenue accruals to ensure that all revenue due to the Federation Account are remitted accurately and promptly by the Revenue Generating Agencies.
The Commission also called for a constitutional amendment to allow the inclusion of the Local Government Chairmen and Councillors among the beneficiaries of the remuneration package listed in the 1999 constitution of the Federal Republic of Nigeria as amended.
It also resolved to put in place mechanisms that would enhance fiscal management as it relates to advisories on revenue, expenditures and debt management even as it called for the Office of the Accountant General of the Federation to be created and domiciled at the RMAFC which is a Federation Agency.
The communiqué reads: “In line with the constitutional provision, the Commission should review the revenue allocation formula statutorily every 5 (five) years.”
