The House of Representatives has asked the Revenue Mobilisation, Allocation and Fiscal Commission to come up with a new revenue sharing formula that will put more resources at the disposal of state and local governments.
The House Committee on Finance, which grilled Chairman of the RMAFC, Mr Elias Mbam, at a budget defence session in Abuja on Wednesday, said Nigerians were demanding devolution of power especially on finances.
Mbam, in his written presentation to the committee, a part of which he read out, decried the high cost of governance in the country, saying the RMAFC was on the verge of introducing a review.
The document partly read, “The cost of governance in Nigeria is very high and has continued to be on the increase.
The RMAFC boss also called for the separation of the offices of the Accountant-General of Federation and the Accountant-General of the Federal Government.
Mbam disclosed that the agency recovered over N75bn from some probes, details of which the committee asked him to provide.
He also said over N474m had been recovered by its current Customs Monitoring Committee.