Mkpoikana Udoma Port Harcourt — A Federal High Court sitting in Abuja, Monday, ruled that Rivers State owns the disputed…
Browsing: Revenue Mobilisation Allocation and Fiscal Commission
OpeOluwani Akintayo 05 August 2018, Sweetcrude, Lagos — The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC has commended the Nigerian…
“It is not in any conventional economic reality for any nation to resort to selling off its assets during challenging times, as this exhibits leadership laxity and policy myopia,” he said.
“The persons supporting its sale and those clamoring to buy are aware of the benefits they would make from such transactions,” the agency stated.
The House of Representatives recently moved to legalise the Excess Crude Account, by proposing a bill to capture all excess revenue in an account to be called Excess Revenue Fund Account (ERFA).
“While the price rates of the minerals in the international market keep rising, the rates of the minerals in Nigeria remained constant at lower rates. Therefore, if all leakages are blocked, the sector can generate up to N500 billion.”
The allocation was made using the revenue sharing formular, Federal Government, 52.68 per cent; states, 26.72 per cent and local governments 20.60 per cent. The report showed that before distribution, state liabilities were deducted.
The scheme takes off on May 1 for up to six months and will offer a window for those who, before now, have not complied with extant tax regulations to remedy their positions by the provision of limited amnesty to enable voluntary declaration and payment of liabilities.