The Federal, State and Local Governments may have a new revenue formular by the end of this year, according to the Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC),Mr. Elias Mbam.

He said that Several meetings with different Stakeholders from the Former Head of States to the Principal Officers of Governments and the Commission is now ready to bring out new formular for the three-tiers of government and promise that the new one will be the wishes of Nigerians.

The Chairman explained that in order to ensure that everyone was taking along in getting the new formular and all the 774 local governments in the Country were visited by the Commission and Literature Review of the past records and why it failed.

Adding that, the Present Sharing Formular is not fair to all but he has the  belief that the new formular will be respected and accepted by Nigerians.

He emphasis that the focus of the review is to ensure that the RMAFC arrived at a reasonable formular that would make it possible for each tier of government to discharge its Constitutional responsibilities.