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RMAFC Presents New Revenue Formula, Dec
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said the new revenue allocation formula will be presented to President Muhammadu Buhari by the end of 2021.
The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Engr. Elias Mbam, made this disclosure, yesterday in Abuja at a briefing on the proposed new revenue allocation formula.
Mbam assured that “the new formula will meet yearning and expectations of three tiers of governments”.
The RMAFC chairman noted that “the formula which is being reviewed is targeted at equitable distribution of the accrued revenue into the Federation Account to the three tiers of government and this will be concluded before the end of 2021”.
Some of the reasons for embarking on the proposed new revenue formula, Mbam said, include, “the political structure of the country has since changed with the creation of six additional states in 1996, which brought the number of states to 36. Correspondingly, the number of Local Governments also increased from 589 to 774.
“There have been some considerable changes arising from the policy reforms that altered the relative share of responsibilities of the various tiers of government, including the, controversies over funding of primary education, primary health care etc.
“Inadequate/decaying infrastructure and heightened widespread internal security challenges across the country. Ecological challenges like global warming, desertification, flooding and population explosion; and
“Inability of the current vertical formula to adequately address the apparent mismatch between statutorily assigned functions and tax powers of each of the three levels of government.”
Mbam said the current vertical revenue formula being used by the three tiers of government was reviewed and passed into law 28 years ago.
The age of the revenue formula in use, he said, has made it imperative for a new revenue formula “for these various reasons”.
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
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