Current revenue sharing formula is 33yrs old, says RMAFC
The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu said the Commission is determined to produce a new, equitable, and data-driven Revenue Allocation Formula that reflects Nigeria’s current economic and constitutional realities, adding that the current law is over 33 years old and outdated. He spoke at a panel discussion titled, […]
Revenue Mobilisation Allocation and Fiscal Commission (RMAFC)
The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu said the Commission is determined to produce a new, equitable, and data-driven Revenue Allocation Formula that reflects Nigeria’s current economic and constitutional realities, adding that the current law is over 33 years old and outdated.
He spoke at a panel discussion titled, “Recalibrating Nigeria’s Revenue Allocation Formula” held on Tuesday, 14th October 2025, at the Transcorp Hilton Hotel, Abuja
He explained that recent amendments to the “RMAFC Act have empowered the Commission to engage directly with private sector entities, including oil companies. The existing formula approved in 1992 no longer reflects Nigeria’s fiscal responsibilities, demographic shifts, or governance realities,” he said. Dr. Shehu gave the assurance that the review will ensure fairness, balance, and national cohesion.
He therefore urged participants to set aside personal interests and deliberate as patriotic Nigerians.
Chairman of the Senate Committee on National Planning and Economic Affairs, Senator Yahaya Abdullahi, said, “No matter how brilliant the ideas or technical solutions are, without political consensus and a shared national vision, progress will remain elusive.” He urged stakeholders to build transparency and trust to achieve the desired reform.
The Governor of Kwara State and Chairman of the Nigeria Governors’ Forum, Abdulrahman Abdulrazaq, who was represented by Dr. Abdulateef Shittu commended RMAFC for creating a neutral platform for dialogue between the federal and subnational governments while pledging the Forum’s support for a just and workable formula.