• RMAFC explains why revenue formula has not been reviewed since 1992• Threatens financial institutions against violating due process in granting loans• NYCN rally support for FIRS to tackle tax defaulters
In its presentation, Katsina called for 35 per cent for states, 25 per cent for local governments. The Commissioner for Budget and Economic Planning, Alhaji Farouk Jobe, said: “The revenue allocation was long overdue and its review is timely because it is getting to 30 years that the allocation was reviewed.”
In his keynote address, host governor, Nasir el-Rufai, said: “The Federal Government retains the largest chunk of federation resources because it does too much but is too stretched and so does little well. Yet, the things that really matter to citizens are state and local government functions. For instance, basic and secondary education, primary healthcare and agriculture are sub-national responsibilities.
Chairman of RMAFC, Elias Mbam, in his remarks, explained that revenue allocation was not reviewed for 29 years contrary to Constitutional provisions of every five years because of socio-economic and political changes in the country. The allocation was last reviewed in 1992. MEANWHILE, the Fiscal Responsibility Commission has raised concern over increasing debt profile of states and looming volatility to the nation’s economy. Besides, the Commission has threatened to invoke legal action against commercial banks and other financial institutions already turning themselves into willing tools of “fiscal carelessness” by granting loans to states without recourse to due process as outlined in Fiscal Responsibility Act 2007.
The FRC boss stressed that despite the Federal Government’s intervention to rescue states from meeting their financial commitment, only 22 states had so far adopted Fiscal Responsibility Act, a conditional commitment that will ensure governors manage public resource with transparency, accountability and prudence.
This was part of the communiqué issued at the end of a one-day public policy forum on ‘Fiscal Governance and Economic Resilience in Nigeria: Emerging Issues and Policy Options’ organised by the Partnership to Engage, Reform and Learn , a United Kingdom Foreign, Commonwealth and Development Office -funded programme, held in Abuja, yesterday.
On the basis of banditry? Madness!
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