Ngozi Okonjo Iweala, Finance Minister
The Federal Government has commenced the review of existing revenue allocation formula among the three tiers of government, and the new formula is expected to be ready by the end of the year.
Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Mr. Elias Mbam, revealed this Friday evening in Abakaliki while responding to questions at the Citizens Forum, a town hall meeting organised by the National Good Governance Tour team to end its visit to Ebonyi state and south-eastern geopolitical zone.
Mbam also said that the revenue allocation Act had taken care of how funds should be shared among states and even local governments.
*details to come later