Reps Initiate Moves for Review in Revenue Allocation FormulaFeatured, Latest News, News Thursday, November 5th, 2015
Ayodele Afolabi Abuja
The House of Representatives has initiated moves to review the current Revenue Allocation Formula to reflect contemporary realities.
The move followed a motion urging the relevant committee within the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) to immediately undertake the review so as to enable the president submit to the NASS proposals for a new formula for further legislative action.
Members noted that failure to effect a review in the current revenue allocation formula in line with contemporary realities poses frequent financial threats and hardships in the fiscal relationship between the three tiers of government.
They added individually in their contributions to the debate that non-review of the revenue allocation formula is creating imbalance and loopholes of uncertainty in the federal structure.
Chief sponsor of the motion, Rotimi Agunsoye (APC Lagos) called to question the effectiveness of the current applicable formula which he said is over thirty years old, to reflect the current realities.
In a related development, the lawmakers also concerned themselves with the need to checkmate illegal fishing activities by Chinese vessels off the coast of Nigeria and West Africa.
After much debate, House members called on the government at the centre to exert its influence in the ECOWAS sub-region to mobilize member states towards checkmating illegal fishing within their maritime boundaries.
The House also urged the FG to direct the Nigerian Navy and other security agencies to effectively patrol the nation’s maritime boundaries to check illegal fishing activities.
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