The Chairman of the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, Mr. Elias Mbam, has said that his commission is ready to present a new revenue sharing formula to President Muhammadu Buhari for onward transmission to the National Assembly by December.
Speaking in a sideline interview with journalists in Abuja, he blamed logistics for the failure of the commission to fulfill similar promises in the past.
Confirming the readiness of the commission to present the new revenue formula, RMAFC chairman said, the ongoing consultation and sensitisation across the country were aimed at avoiding past pitfalls that made past attempts to review the formula unsuccessful.
Revenue sharing formula which has remained a controversial subject in Nigeria even before independence in 1960 refers to the proportion of resources accruing to the federation that goes to each of the components of the nation.
It also defines the proportion of resources that must be retained in the territories where they are generated as well as what goes to the agencies of government that collect the revenues on behalf of the federation.