Reporter : CHUKWUBUIKE MADU
A new national revenue sharing formula will be in place next year.
The Chairman Revenue Mobilisation and Fiscal Commission, Chief Elias Mbam, made this known in an interview with Radio Nigeria in Abakaliki, Ebonyi State.
However, Chief Mbam did not reveal the exact date the new revenue formula would be ready.
“Presently we are working on it; we have started the process and all things being equal, we expect
that the new formula will be out by next year,2021. However we do not a definite date,” he remarked.
On the issue of dwindling funds that had affected the running of government business, Chief Mbam said the Commission had intensified efforts to assist the Federal Government boost revenue sources, especially in the solid minerals and other non-oil sectors.
“We are diversifying the sources of revenue, economy; we have gone into action in the solid minerals sector. For the first time, the solid mineral is contributing to the federation account. We are ensuring that revenue leakages are closed or minimized.
“So the Commission is over determined to use all its constitutional powers to ensure that all revenue accruable to the federation account is transparently remitted into the federation account and on time,” Chief Mbam stated.
Chief Mbam while wishing Nigerians a happy New Year, appealed to wealthy individuals to see the Yuletide as an opportunity to touch lives of the less privileged persons around them.
He particularly commended the member representing Ezzah South—Ikwo Federal Constituency in Ebonyi State, Comrade Chinedu Ogah who extended Christmas gifts to his constituents and other indigent persons in the state.