* RMAFC will provide acceptable sharing formula for three-tiers of government –Prof Wright, Federal Commissioner
(Written by Silas Onuoha):
Apparently, the Federal Commissioner, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Prof. Adekunle Wright and his team are making the Federal Government proud on the diligent manner they are carrying out a national assignment in sensitizing stakeholders on topical issue of revenue allocation formula review.
Most outstanding is the ingenuity and expertise Prof Wright displayed in deliberating with relevant stakeholders on this important issue of national interest, since the team arrived in Lagos State, on Monday 16, 2021.
Our correspondent gathered that the Commission will continue its assignment in the State till Friday 20, August, 2021.
Speaking during the opening session of the sensitisation programme in Lagos, Prof. Wright, explained that the programme is in compliance with the foregoing Constitutional provision and in view of changing socio-economic and political dynamics of the Nation.
According to him, “The Commission has been prompted to commence full scale engagement of representatives of various Stakeholders and the people nation-wide, in the process of fashioning a new revenue allocation formula for the country. Over the years there have been crying needs and stiffed agitation by many Nigerians for review of the subsisting Revenue Sharing Formula”.
Prof Wright, went on, “It is therefore worthy of note that the imperatives of the review cannot be over-emphasized, in order to fulfill the collective aspirations of Nigerians for sustainable development”.
He added, ‘The sensitization exercise has been designed to enlist interests of Stakeholders through interactions at various levels, in order to make useful inputs that can provide workable template to assist the Commission in its task of evolving and bequeathing to the Nation a fair, just and equitable new revenue sharing formula. Thus, I am soliciting for positive contributions at the interactive sessions and through your written memoranda.”
He enthused, “The Commission is greatly desirous to provide within the shortest time possible, a generally acceptable new Revenue Sharing Formula that will meet the yearnings and expectations of the three-tiers of Government; which will benefit the citizenry. I am glad to say that the impressive response shows the importance the State attaches to the programme.”
In his words, “Revenue allocation from the Federation Account is a specific Constitutional mandate of the Commission- RMAFC. Specifically, Part 1, Paragraph 32(b) of the Third Schedule to the 1999 Constitution of the Federation (as Amended), empowers the Commission to review from time to time, the Revenue Allocation Formula and principles in operation to ensure conformity with changing realities, provided that any Revenue Formula, which had been accepted by an Act of the National Assembly shall remain in force for a period of not less than five years from the date of commencement of the Act.’’
In the same vein, the Federal Commissioner of RMAFC, commended the Executive Governor of Lagos State, Babajide Olusola Sanwo-Olu for his giant strides in Governance of the State. “It is a rare privilege for me to be here for this National assignment. Let me use this opportunity also to congratulate and commend Mr. Governor for the giant strides in Governance of Lagos State. I thank our dynamic Governor, once again for being part of this programme”, he said.
On the whole, Prof Wright and his team deserve commendation on the professional manner they are carrying out this important assignment