Buhari may sign new revenue formula before May 29 – RMAFC

Barring any unforeseen event, President Muhammadu Buhari may sign the reviewed new revenue formula before May 29.

Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) Mohammed Shehu announced this at the first Economic Confidential Public Lecture and Book Presentation on Tuesday in Abuja.

According to him: “The Commission has concluded and submitted to President Muhammadu Buhari a reviewed vertical Revenue Allocation Formula which is now awaiting the assent by President, this may be done before the May 29 handing over date”.

Mohammed Shehu also identified the ongoing constitutional amendment as another reason the new revenue formula has not been released.

President Muhammadu Buhari on March 18 signed 19 bills, which altered some provisions of the 1999 Constitution – Fifth Alteration Bills 2023.

The RMAFC boss noted: “The Nigerian National Petroleum Company Limited’s (NNPCL) contribution to total revenue is not more than five percent of what we share to the entire federation”.

According to him: “The Nigerian government has no other option than to diversify the economy to non-oil revenue in the true sense of it or risk sinking.

“We can’t continue on this trajectory we are going, by relying on crude oil. Federal Inland Revenue Service, the Customs and other non-oil sectors are the ones bailing out the economy in recent times.”