New revenue formula out first quarter 2012

THE new revenue allocation formula for the country will be released in the first quarter of 2012,according toMr. Elias Mbam, chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).Mbam saidthis on Thursday, in Abuja, whenGombe State Governor, Ibrahim Dankwambo, paid him a courtesy visit.'We have commenced the process of reviewing the revenue allocation formula, it is a very sensitive issue and we arevery careful on how we handle it because our action and inaction have enough implications on the socio-economicdevelopment of this country and indeed the unity of this country.'We have commenced and we still hope that, all things being equal, to deliver by the first quarter of next year. ''The chairman said thatthe commission would ensure that the entire nation accepted the newformula.On the review of revenue indices fromthe states and local governments, Mbamsaid that theywere being processed for verification. He urged the states to abideby the rules and avoid providing bloated figures to ensure thatthe indices were real.Mbamsaidthecommission was worried that the country still operated a mono-economy, but gave an assurance thatthey were committed toensuringthediversification of theeconomy.'We should have other sources of revenue, and I know that every state has something to offer; and I am well convincedof that. I know of the solid minerals in Gombe, agricultural potentials, and many others.'There is a lot that you can offer and it will add to what you get from the federal revenue allocation.'' He said that the commission waslooking forward to a time when every state could generate the revenueto rungovernment outsideof the federation account.Mbam said that to ensure that it happened,the commission would, beginningfrom November, organise workshops in the six geo-political zonesto sensitise stakeholders on the need to diversify their economies.
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