Dec. 21 (Bloomberg) -- Nigeria plans to introduce a new formula for sharing revenue between the three tiers of government, the Guardian reported.
The Revenue Mobilization, Allocation and Fiscal Commission yesterday set up two committees to draw up the formula and another to find ways of diversifying revenue sources, the Lagos-based newspaper said, citing Elias Mbam, chairman of the commission.
Under the current sharing arrangement, Nigeria’s central government gets 52.7 percent of the revenue, the states receive 26.7 percent and local councils have 20.6 percent.
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