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Gbajabiamila Agrees With RMAFC Chairman On Review Of 29-year-old Revenue Sharing Formula



BREAKING: Gbajabiamila Threatens To Arrest Emefiele Over Old Naira Notes' Deadline

A plan to review the 29-year-old revenue sharing formula in the country may havee received the support of the House of Representatives.

The Speaker of the House of Representatives, Femi Gbajabiamila, has agreed with the Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) Elias Mbam, on the outdated nature of the formula .

“In its attempt to review the revenue allocation in the country, which was last done almost 30 years ago, the commission should ensure that all stakeholders are carried along and that all necessary things are done so that the final report could not be faulted,’’ he said.

Gbajabiamila, who hosted the management of the commission, led by its chairman, Elias Mbam, on a courtesy call on the leadership of the House at the National Assembly yesterday, said the current realities should necessitate a review of the revenue allocation.

He said: “I’m glad you’re here. Your commission is one of the unsung heroes. You’re of the 14 institutions established by the constitution, while all others were established by other laws.

“It’s almost 30 years that the last review was done. It’s such a long time. A lot has changed from 1992 to date.

“I charge you to do your review, not based on any sentiment. You should consult widely so that your report won’t be faulted. I’m glad you said you’re conducting public hearings. It’s good to do that, to seek people’s opinions. You should work based on the principles of justice, equity and fairness.”

He added that Nigeria was a peculiar country, hence the need to do a thorough and diligent review of the revenue sharing formula.

He said the House would support the commission in whatever way possible, noting that the commission’s management was at the right place to seek support.

On the issue of amendment of the RMAFC Act, Gbajabiamila asked the agency to provide specific areas that needed to be amended, especially on the issue of the Petroleum Industry Act as cited by Mbam.

“In terms of autonomy, I need to know if you don’t enjoy autonomy and how you’re not autonomous. The House is here to partner with you. We must work together. We must give you the enabling environment to operate effectively,’’ he said.

Earlier, Mbam informed the House leadership that the visit was to seek the support, advice and guidance of the House on the planned review of revenue allocation that the commission was to embark on.

He said since the last review in 1992, things had changed and that there was the need to review the revenue allocation to accommodate those changes.

READ ALSO: Reps Pass Medium Fiscal Strategy

He said: “We now feel strongly that the review has become necessary. A lot of things have changed since 1992.

“There are concerns now that were not there before. So, there is the need to review the allocation to make sure that what every tier of government gets is in line with its current responsibilities.”

As part of the plans for the review, Engr Mbam said the commission had embarked on wide consultations across the country including visiting past presidents, the Nigerian Governors’ Forum, the judiciary, Association of Local Governments of Nigeria (ALGON) as well as engagements with the media, CSOs, among others.

He said the commission had commenced sensitization in different states and that it would hold public hearings with regard to the planned review, starting with the Southwest next week.

Engr Mbam thanked the speaker for accepting to host them on short notice, saying “if all Nigerians will work like this, we all will be better for it.”


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BREAKING:Nigeria Air Launch A Fraud – Reps



Nigeria Air

The House of Representatives on Monday faulted the purported launch of Nigeria Air in the last days of the administration of former President, Muhammadu Buhari.

The Chairman of the House Committee on Aviation, Nnolim Nnaji, declared the launch of Nigeria Air a fraud after the major stakeholders in the deal between the Federal Government and Ethiopian Airlines denied knowledge of the launch.

The Ministry of Aviation claimed Nigeria Air was only unveiled and not launched, which the committee dismissed as an attempt to divert the lawmakers’ attention.

Members of the committee were shocked when NAMA disclosed that the aircraft bearing Nigerian colours was on a chartered flight to Nigeria.

Other stakeholders who confirmed the disclosure noted that a chartered flight could be painted in any colour and with any inscriptions.

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BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1



BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

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BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500



Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate
President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.

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