Saturday, December 5, 2020

FG blocks RMAFC’s proposal on revenue formula, salaries review

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The Federal Government has rejected the move by the Revenue Mobilisation, Allocation and Fiscal Commission to review the current revenue allocation formula with N830m and a review of the remuneration packages for political, public and judicial holders which will cost N470m.

This is made known in a written presentation by RMAFC to the House of Representatives on its 2020 and 2021 budgets.

The Chairman of RMAFC, Mr Elias Mbam, had on November 4, 2020, appeared before the House Committee on Finance for 2020 budget performance appraisal and defence of 2021 budget proposal, where he decried the high cost of governance in Nigeria.

The RMAFC is proposing for 2021 a budget of N2,223,176,808, consisting personnel cost of N1,654,784,707; overhead cost of N344,762,287; and capital expenditure of N223,629,814.

The capital projects, include annual nationwide revenue-sharing data verification exercise that would cost N30m; institutionising economic diversification at federal and state levels, N40,000,814; and monitoring reconciliation and recovery of revenue exercise, N153,629,000.