The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced the development of a software aimed at improving transparency in revenue generation and distribution among the three levels of government.
Mr. Mohammed Shehu, the Chairman of RMAFC, disclosed this during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.
Mr. Shehu explained that this software will facilitate one of the commission’s key functions, which involves periodically reviewing the revenue allocation formula for the entire federation.
He outlined two aspects of this formula: the vertical allocation, determining how much each tier of government (Federal, State, or Local) receives, and the horizontal allocation, which details the distribution of these funds among states and local governments. Various factors, such as population, school enrollment, land area, and hospital beds, are considered in this process.
Previously, this data was collected manually, and inspections were conducted manually as well. However, the new software streamlines the process by allowing states and local governments to input the necessary data into the system using unique passcodes. RMAFC will then collect, analyze, and verify the data, ultimately determining the distribution based on the agreed-upon horizontal formula.
Emphasizing the importance of technology, Mr. Shehu noted that the commission is working on establishing a data bank to monitor revenue-generating agencies in real-time. This move is aimed at enhancing transparency and efficiency in tracking revenue flows. While acknowledging the transition to the Treasury Single Account, he stressed that RMAFC’s objective is to analyze revenue as it enters the system, reducing the need for manual document scrutiny and minimizing revenue leakages.
Mr. Shehu called for the cooperation of all revenue-generating agencies in the country to support the commission’s efforts in optimizing government revenue while preventing revenue leakages. He underscored the significance of technology in achieving these objectives and saving time in revenue management processes.
NAN
Disclaimer
The provided information is intended for general awareness and may not be entirely accurate or up-to-date. The post disclaims any warranties regarding the completeness, accuracy, or reliability of the content, services, or graphics on the website. It advises caution when using the information for any purpose.
