The draft revenue formula will soon be sent to the Presidency, the Revenue Mobilisation Allocation and Fiscal Commission has said.
In a telephone interview with our correspondent in Abuja on Tuesday, the Head, Public Relations, RMAFC, Mr. Ibrahim Mohammed, said the draft would be forwarded to President Goodluck Jonathan before the end of January.
Mohammed said the draft copy to be sent to the President must be ratified by members of a committee set up for drafting and preparing the document, which is scheduled to meet at an undisclosed date within the month.
It is the responsibility of the President to lay the new revenue sharing formula before the National Assembly for legislation.
Mohammed had in December said members of the RMAFC had unanimously adopted the draft formula following a two-week retreat at Tinapa, Cross River State, where all the submissions, relevant documents and inputs from stakeholders were analysed and considered.
The commissioners had met at the Tinapa resort from November 23 to December 7, 2013 to brainstorm on the revenue allocation formula draft report.
The commission had previously embarked on a tour of states and held consultations, public hearings and extensive study of all relevant literature and fiscal matters relating to revenue allocation in an effort to make the final report credible, authentic and generally acceptable to Nigerians.
The last time the revenue allocation formula was generally reviewed was in 1992 although constitutionally, the document is supposed to be amended every four years.
The revenue sharing formula, which has remained a controversial subject in the country, refers to the proportion of resources accruing to the federation that goes to each of the three tiers of government.
It also defines the proportion of resources that must be retained in the territories where they are generated as well as what goes to the agencies of government that collect the revenues on behalf of the federation.