President Muhammadu Buhari on Thursday, received the review of the vertical revenue allocation formula.
The President said that he would await the final outcome of the constitutional review process before sending the report to the National Assembly,
The President, disclosed this while recieving the report by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), led by Engr. Elias Mbam.
He said he would go through the document before sending it to the National Assembly as a bill to be enacted.
‘‘However, since the review of the vertical revenue allocation formula is a function of the roles and responsibilities of the different tiers of government, I will await the final outcome of the constitutional review process, especially as some of the proposed amendments would have a bearing on the recommendations contained herein,’’ he said.
He commended the RMAFC for a good job and pledged his commitment and support to the Commission to enable it to carry out its constitutional mandates.
He promised the members of the Commission of the Federal Government’s immediate action to subject the report to its internal review and approval processes, while awaiting finalization of the efforts by the National Assembly.
The President said the recommendations are good strategy, rather than issuing an Executive Modification Order, as was done in 1992, stressing that its more in line with entrenching the nation’s democratic tenets.
President Buhari listed some of the recommendations in the report as follows:
‘‘Establishing Local Government as a tier of government and the associated abrogation of the State and Local Government Account; moving airports; fingerprints, identification and criminal records from the exclusive legislative list to the concurrent legislative list, empowering the RMAFC to enforce compliance with remittance of accruals into and disbursement of revenue from the Federation Account as well as streamlining the procedure for reviewing the revenue allocation formula.’’ He stated.
The President also appreciated Nigerians, especially the State and Local Governments, for their inputs through the broad stakeholder engagement processes that produced the report.
