The states, and local government councils in Nigeria will soon get a new template as the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) commences work on new sharing formula of the statutory monthly allocation.
The Commission’s chairman, Mr. Mohammed Bello Shehu made the announcement at the take-off of its maiden tooling programme in Abuja on Friday.
According to the RMAFC, the tooling exercise was targeted at equipping selected officials of states and local governments with an in-depth understanding, and operation of the electronic platform.
Shehu said that the Commission would roll out a proprietary software for the collection of data on the reviewed indices to be used for the Horizontal Revenue Allocation Formula.
Under the current formula, the federal government will get 52.68 percent, the 36 states will share 26.72 percent while the 774 local government councils will share 20.60 percent of federation revenue monthly.
ASHENEWS reports that the new formula, which details have not been disclosed, will reduce the revenue share of the federal government.
