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Buhari receives report on new revenue formula, awaits constitution review process

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Buhari receives report on new revenue formula, awaits constitution review process

President Muhammadu Buhari has said that he will wait for the outcome of the constitutional review process before presenting the report of the review of the vertical revenue allocation formula to the National Assembly as a bill for enactment.

The president made the remarks while receiving the report of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), led by Elias Mbam, on Thursday in Abuja.

In his words, ‘‘Ordinarily, I would have gone ahead to table this report before the National Assembly as a Bill for enactment.

‘‘However, since the review of the vertical revenue allocation formula is a function of the roles and responsibilities of the different tiers of government, I will await the outcome of the constitutional review process, especially as some of the proposed amendments would have a bearing on the recommendations contained herein,’’

President Buhari listed some of the recommendations in the report as follows:

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‘‘Establishing local government as a tier of government and the associated abrogation of the state/local government account; moving airports; fingerprints, identification and criminal records from the exclusive legislative list to the concurrent legislative list, empowering the RMAFC to enforce compliance with remittance of accruals into and disbursement of revenue from the Federation Account as well as streamlining the procedure for reviewing the revenue allocation formula.’’

While the National Assembly’s efforts were being finalized, the President informed members of the Commission that the Federal Government would promptly subject the report to its own review and approval processes.

This technique, rather than issuing an Executive Modification order, as was done in 1992, is more in keeping with entrenching democratic ideals, according to the President.

He praised the RMAFC for its meticulous work and pledged his everlasting dedication and assistance in carrying out their constitutional tasks.

The President also commended Nigerians, particularly state and local governments, for contributing to the report’s development through the extensive stakeholder engagement processes.

Buhari receives report on new revenue formula, awaits constitution review process

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