The Revenue Mobilisation Allocation and Fiscal Commission have announced plans to commence the process for a new revenue sharing formula for the federal, state, and local governments.
RMAFC Chairman, Elias Mba reiterated that the commission is highly determined to produce, within the shortest possible time, a new revenue sharing formula that will be fair, just, and equitable to the three tiers of government.
He believes the new sharing formula will help address issues of poor infrastructure, ecological challenges, and the series of agitations for a review.
The new revenue sharing formula is expected to be implemented by the end of 2021, 28 years after the commission conducted a review.