RMAFC moves to review FAAC sharing formula


The Revenue Mobilisation Allocation and Fiscal Commission says it will constitute a standing committee next week to review the revenue sharing formula among the nation’s three tiers of government.

According to the Commissions Chairman, Elias Mbam, the review was informed by current economic realities.

Going by the country’s current revenue sharing formula, the Federal Government receives 52.68 per cent of the national revenue, while the states and the local governments are allocated 26.72 per cent and 20.60 per cent, respectively.

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