RMAFC completes revenue sharing review, proposes new pay

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has completed its review of Nigeria's Revenue Allocation Formula, paving the way for a new framework to distribute revenues among federal, state, and local governments. The commission also finalized the review of remuneration for judicial, executive, and legislative officeholders, with a bill on political and public office holders' salaries and allowances expected to be transmitted to the National Assembly.

RMAFC Chairman Mohammed Shehu revealed these updates during a session with the Nigerian Guild of Editors in Lagos. The revenue allocation review followed extensive consultations with three tiers of government, technical stakeholders, and other institutions. The goal was to create a more equitable and sustainable revenue-sharing system considering changing economic and governance realities.

The commission has also intensified oil and gas production monitoring to ensure accurate application of the 13% derivation principle. RMAFC has strengthened collaboration with various regulatory bodies and is exploring new revenue opportunities through partnerships with the Federal Airports Authority of Nigeria and the National Space Research and Development Agency.