RMAFC Raises Concern Over Outdated Revenue Sharing Formula

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has highlighted that Nigeria's existing revenue sharing formula is outdated, being 33 years old. This revelation brings attention to the need for a review and potential update of the formula to better reflect the current economic landscape and address evolving needs.

The RMAFC's statement underscores the importance of ensuring a fair and equitable distribution of revenue among the various tiers of government in Nigeria.