The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said it has completed a comprehensive review of Nigeria’s Revenue Allocation Formula and the remuneration of political, public and judicial office holders, even as both processes are now at advanced stages of consideration by the appropriate authorities.
Chairman of RMAFC, Mohammed Bello Shehu, disclosed during an interactive session with members of the Nigerian Guild of Editors (NGE) in Lagos, at the weekend, when he presented an overview of the Commission’s achievements and institutional progress from 2023 to date.
Although he did not reveal details of the new formula, there have been calls for a horizontal formula that would reflect the expanded sub-nationals and increase responsibilities.
The template was last reviewed in 1992 after which six additional states were created. Shehu said the period under review was marked by significant fiscal reforms, with the Commission strengthening its constitutional mandate of revenue monitoring, derivation verification, fiscal coordination and advisory functions on remuneration and revenue allocation.
With the President’s basic salary still pegged at around N1.5 million, he said the remuneration of public officials is not in tune with the economic realities.
