From Isaac Anumihe, Abuja
Federal Government has underscored the need for a new revenue allocation formula that aligns with the current economic realities of Nigeria.
Speaking at the opening of the 2025 retreat for newly-inaugurated members of the Revenue Mobilisation Allocation Commission (RMAFC) in Uyo, Akwa Ibom State, the chairman of Nigeria’s Governors’ Forum (NGF) and governor of Kwara State, Abdulrahman Abdulrazaq who was represented by the Head of Data and Analytics of Kwara State, Razaq Fatai, noted the critical role of RMAFC in repositioning Nigeria’s fiscal framework amidst global economic uncertainties.
He emphasised the urgent need for a new revenue allocation formula which is balanced and imperative for the effective delivery of public services and the deepening of democratic dividends.
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, represented by Barrister Imarha Ogehnenyerowo Reuben commended the commission’s commitment to promoting fiscal discipline, equity, and transparency. He acknowledged the legal and operational challenges faced by the RMAFC, assuring the Federal Ministry of Justice’s readiness to provide necessary legal guidance and support to enhance the commission’s effectiveness.
“Where there are constitutional ambiguities or statutory constraints, we stand ready to work with the commission and the National Assembly to provide the necessary legal reforms,” he stated.
Earlier, RMAFC Chairman, Dr. Mohammed Shehu had expressed profound appreciation to all dignitaries and participants for honouring the commission’s invitation to the retreat. He emphasised that the retreat was designed not only to familiarise the new members with the commission’s operations but also to prepare them to deliver efficiently on its constitutional mandates.
“We are custodians of the fiscal soul of the federation and history beckons on us to leave a legacy of transparency, diligence, and innovation.” Shehu reiterated.
In a statement, the commission is committed to fast-tracking the review of the revenue allocation formula and the remuneration packages for political and public office-holders.
Shehu further stated that the commission was steadfast in promoting revenue diversification initiatives among the three tiers of government.
“We urge governments at all levels to invest in agriculture, tourism, and solid minerals development to expand their revenue base,” he said.
The commission’s chairman assured that the commission, under his leadership, would continue to support efforts geared towards enhancing non-oil revenue mobilisation and fiscal well-being in line with the aspirations of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Vice President of Nigeria, Senator Kashim Shettima, represented by his Technical Adviser on Public Debt and Revenue Mobilisation, Ibrahim Natagwandu, lauded the chairman for his efforts in engaging relevant authorities to enhance the capacity of the commission to implement its mandate.
Shettima also praised the commission for organising the retreat.
”I commend the leadership of the commission for initiating this engagement, which is timely, strategic, and in alignment with our administration’s vision for fiscal prudence, equity, and sustainable development. Let me also acknowledge the commendable efforts of the chairman of RMAFC, who has been actively pursuing improved funding to strengthen operational capacity, enhance data-driven decision-making, and ensure the effective discharge of its constitutional responsibilities” he asserted.