The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced that its plan to establish a new revenue allocation formula for all tiers of government is at an advanced stage.

RMAFC Chairman, Dr. Mohammed Shehu, disclosed this on Wednesday during a three-day retreat for newly appointed commissioners, held in Uyo.

Dr. Shehu also revealed that the commission is working on a revised remuneration package for political and public office holders across the country.

He described the ongoing reforms as the beginning of a new era anchored on innovation, diligence and creativity, aimed at enhancing economic growth.

“Our traditional sources of revenue mobilisation are no longer sufficient to meet the country’s changing needs,” Shehu said. “We must think innovatively and collaboratively to unlock new opportunities for national development,” he added.

He stressed the importance of adopting a strategic, technology-driven approach to revenue mobilisation, adding that effective collection, accountability, and utilisation of public funds were critical to achieving sustainable development.

“Optimising revenue sources is not merely necessary — it is a shared responsibility that involves all stakeholders,” he said.

Dr. Shehu urged the newly appointed commissioners to embrace the commission’s reform agenda and contribute meaningfully to Nigeria’s fiscal transformation.