The city of Owerri, Imo State capital, played host to the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) yesterday, as they held their National Sensitization Forum for States and the Federal Capital Territory (FCT) on the review of existing Revenue Allocation formula for our great country, Nigeria.
The forum which was well attended by His Excellency Governor Hope Uzodimma, industry key players, other government officials and regulatory agencies, presented avenue for discussion on pertinent issues bordering on the sharing of revenue by the RMAFC as it affects oil producing states.
Speaking at the event, Governor Hope Uzodimma stressed the need for a legislation for the review of the sharing formula so as to reflect the contributions of oil producing states. His Excellency recommended the migration of some revenue-related items from exclusive list to concurrent list.
This event appropriately came on time with respect to the recovery of Imo State oil wells ceded to other States. The Governor’s efforts have seen the National Boundary Commission (NBC) and the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) adjusting the earnings of Imo State from the Federation Allocation before the ongoing litigation on the matter.
It is believed that a new formula would be championed to reflect present day realities.