The Revenue Mobilisation Allocation and Fiscal Commission has announced plans to start the process for a new revenue sharing formula for the federal, state, and local governments.
The commission’s Chairman, Elias Mba told newsmen in Abuja that the new revenue sharing formula will be fair and just to the three tiers of government.
Mba said under the new regime, revenue for the federal, state, and local governments as proposed by the commission is pegged at fifty-two-point six percent, twenty-six-point seven percent and twenty-point six percent respectively.
Elias Mba added that the new revenue sharing formula is expected to be implemented by the end of 2021.