Which Constitution established the revenue Allocation Commission?
Formal Revenue Allocation started in Nigeria in 1946 when the Regional Governments were granted internal autonomy by the Richard’s Constitution which also shared responsibilities between the Regions and the Federal Government.
How is allocation shared in Nigeria?
The present vertical Revenue Allocation Formula is: Federal Government 52.68%; State Governments 26.72%; Local Governments 20.60% and Derivation Formula 13%. Mustapha said that a lot of the resources allocated to the federal government was spent on providing services that were the responsibilities of state governments.
What is the name of the body charged with the revenue allocation responsibility in Nigeria?
As the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) prepares to review the country intergovernmental fiscal relations, one begins to wonder if there is, indeed any justification for increased revenue to the states.
Which state has the highest revenue allocation in Nigeria?
In 2020, the Nigerian government allocated the highest disbursements to Delta, Akwa Ibom, Rivers, Bayelsa, and Lagos. Each of these states received over 100 billion Naira, with Delta reaching 187 billion Naira.
When was Rmafc established?
1989
49 of 1989 as National Revenue Mobilisation Allocation and Fiscal Commission (NRMAFC), a body created to handle revenue allocation and fiscal matters on a continuous basis unlike previous Commissions or Committees which were ad-hoc in nature as they were dissolved on completion of their respective assignments.
Who is the chairman of Revenue Mobilization Allocation and Fiscal Commission?
Elias Mbam
Elias Mbam, chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), says a revised revenue allocation formula will be presented to President Muhammadu Buhari by the end of 2021.
What is revenue sharing basis?
Revenue sharing is the distribution of revenue, the total amount of income generated by the sale of goods and services among the stakeholders or contributors. Revenue shares allow the stakeholders to realize returns as soon as revenue is earned before any costs are deducted.
What is FACC in Nigeria?
The Federal Accounts Allocation Committee (FAAC) on Wednesday said it shared a total of N605. 958 billion as May 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies.
What is the difference between Federation account and Consolidated revenue fund?
The latter belongs to the entire Federation while the Federal Government, albeit keeps it in trust on behalf of the three tiers of government. The Consolidated Revenue Fund on the other hand is one of the accounts of the Federal Government which is exclusively managed by it.
Which state has the highest allocation in Nigeria 2021?
The report also noted that Lagos State has the highest IGR with N267. 2 billion, representing 31 percent of the total IGR in the first half of 2021. Lagos is followed by FCT with N69. 1 billion; Rivers state N57.
How much is local government allocation in Nigeria?
At present, statutory allocation to local governments stands at 25% of the federation account, reflecting the larger development role local governments are expected to play.