• About
  • Advertise
  • Contact
Thursday, August 21, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Nigeria Begins Implementation Of New Revenue Sharing Formula Q1 2024

Vital News by Vital News
December 13, 2023
in Economy, National
0
Nigeria Begins Implementation Of New Revenue Sharing Formula Q1 2024
Share on FacebookShare on Twitter

The Revenue Mobilisation And Fiscal Commission says Nigeria will begin the implementation of a new revenue-sharing formula in the first quarter of 2024.

The Chairman of the Commission, Mr. Muhammed Bello Shehu, gave the indication on Wednesday when he appeared before the House of Committee on Finance, in Abuja.

He said that he had briefed President Bola Tinubu about the expected changes.

The Chairman also noted that when approved, it will pass through the National Assembly for legislative action before its implementation.

” And I will assure this committee members that sometime next year, the commission will forward a new revenue allocation formula, first quarter to Mr president and we believe that he will forward it to the National Assembly for you to do your job on this issue.

RelatedStories

FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation

Presidency Confirms Appointment Of Rotimi Pedro As New DG Of NTA, Three Executive Directors

Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

US Commends Nigeria Over Arrest Of Two Leaders Of Ansaru Armed Group

“That I can assure you sir and the members too,” Shehu said.

Shehu also revealed that between 3 to 6 Trillion naira is being owed to the federal government by some agencies.

In his response, the Chairman of the House Committee on Finance, Hon James Faleke, said that he hopes the implementation comes quickly as “Where the federal government is having the lion’s share of revenue is not right.

“That’s why everybody is saying government, we have no money, no food, no this and that.

“As if it is the responsibility of the federal government to provide food.

“The federal government is just to create an enabling environment and good policies.

“If our local government system works well, we shouldn’t be having these impacts at all.

“I’m a product of local government and I know what I’m talking about.

“If our local government system works well, you don’t even know if the federal government exists or not. I’m sure we need to go back to that system,” Faleke said.

He also encouraged the chairman of the commission to bring the act setting up the Commission for amendment following an appeal by the chairman.

” The present act does not give them the power, there’s no biting teeth and that’s why most agencies flaunt remittances.

“And so, I think you need to look into the act. We can look at it and amend it from our side.

“But we need to be aware that that the act needs to be amended to make it more effective for better revenue for this country”. Faleke said.

The committee also played host to the minister of finance, the Fiscal Responsibility Commission and others.
(vitalnewsngr.com)

 

Tags: formulaNigeriarevenuesharing
Previous Post

CJN Advises Judges To Consult Laws, Rules Before Writing Judgements

Next Post

Sanwo-Olu Presents N2.2trn 2024 Budget To Lagos Assembly

Vital News

Vital News

RelatedStories

FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation
Education

FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation

August 20, 2025
Tinubu Appoints Rotimi Pedro, Founder Of OSMI As New DG Of NTA
National

Presidency Confirms Appointment Of Rotimi Pedro As New DG Of NTA, Three Executive Directors

August 20, 2025
Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead
National

Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

August 20, 2025
National Security : Nigeria Records Breakthrough, Captures Two Most Wanted Terrorist Leaders
National

US Commends Nigeria Over Arrest Of Two Leaders Of Ansaru Armed Group

August 18, 2025
Yelewata Masacre : President Tinubu To Visit Benue State June 18
Economy

Ahead TICAD9 Summit, President Tinubu Arrives Japan

August 18, 2025
Next Post
Sanwo-Olu Presents N2.2trn 2024 Budget To Lagos Assembly

Sanwo-Olu Presents N2.2trn 2024 Budget To Lagos Assembly

Fed Govt To Review IPPIS, GIFMIS, Others

FG Bows To ASUU Demand As FEC Removes Tertiary Institutions From IPPIS

As Ogun Moves To Preserve Abeokuta-Sagamu Road  by Funmi Branco

Ogun Absorbs 1,000 OGUNTEACh Interns Into Teaching Service, Gives Them Letters Of Permanent Employment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Court Remands Four Students for Gang Raping Female Colleague

2 years ago
Teachers Day : Adeleke Declares Monday, October 7 Work Free Day For Osun Teachers

Teachers Day : Adeleke Declares Monday, October 7 Work Free Day For Osun Teachers

11 months ago
13 killed, 2 Critically Injured As Truck Rammed Into Passenger Bus In Kogi

13 killed, 2 Critically Injured As Truck Rammed Into Passenger Bus In Kogi

1 year ago
Let’s Dismantle Criminal Enterprises To Build Brighter Future For Africa, Tinubu Charges Anti-narcotics Agencies’ Chiefs

Let’s Dismantle Criminal Enterprises To Build Brighter Future For Africa, Tinubu Charges Anti-narcotics Agencies’ Chiefs

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

Explainer : How INEC Declares LP Candidate Serving Jail Term Winner Of Enugu Assembly Rerun Election

Ladoja To Be Install 44th Olubadan Sept. 26

PBAT Door-to-Door Movement Extends Condolences To APC National Chairman Over Mother’s Death

Ogun APC Suspends Senator Gbenga Daniel, Kunle Folarin Indefinitely For Anti-party

Lagos Loses Another Female Councillor, Zainab Shotayo, Second In One Week

Trending

FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation
Education

FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation

by Vital News
August 20, 2025
0

The Federal Government has given Colleges of Education nationwide the go ahead to start offering both National...

Court Berates EFFC Over Disregard For Rule Of Law, Orders Immediate Release Of Aisha Achimugu

EFCC Arrests Deputy Vice Chancellor, Bank MD, Two Catholic Sisters Over N1.2bln Loan Fraud

August 20, 2025
Tinubu Appoints Rotimi Pedro, Founder Of OSMI As New DG Of NTA

Presidency Confirms Appointment Of Rotimi Pedro As New DG Of NTA, Three Executive Directors

August 20, 2025
Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

Nigeria’s Consul General In Cameroun, Taofiq Coker Is Dead

August 20, 2025
Explainer : How INEC Declares LP Candidate Serving Jail Term Winner Of Enugu Assembly Rerun Election

Explainer : How INEC Declares LP Candidate Serving Jail Term Winner Of Enugu Assembly Rerun Election

August 20, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • FG Empowers Colleges Of Education To Offer NCE, Degree Programmes Without University Affiliation August 20, 2025
  • EFCC Arrests Deputy Vice Chancellor, Bank MD, Two Catholic Sisters Over N1.2bln Loan Fraud August 20, 2025
  • Presidency Confirms Appointment Of Rotimi Pedro As New DG Of NTA, Three Executive Directors August 20, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In