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Revenue Formula Obsolete - RMAFC Member From Dipo Okunmuyide in Ado-Ekiti A member of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Chief Deji Fasuan has described the extant allocation formula operating in the country since 1993 as obsolete and iinconsisitent with current realities. Speaking during the state and local government Joint Accounts Allocation Committee (JAAC) at the Governor's Office Ado-Ekiti, he said, the present formula based on the provisions of Section 162 Sub Section (2) is misleading. He disclosed that RMAFC conducted a national verifiction exercise between 2002 and 2003 bearing in mind allocation principles like population, equality, internally generated-revenue, land-mass, terrain as well as population density on which new allocation formula should be based. Fasuan told those at the meeting, including state and local government officials that the revenue profile of the state from the federation account has increased considerably. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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