A Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 Cap C23 Laws of the Federation of Nigeria, 2004 to Provide for the Review of Revenue Formula of the Federation, and for Related Matters

Abstract

This Bill seeks to alter section 162(2) of the Constitution of the Federal Republic of Nigeria, 1999 to provide for definite and certain intervals for the periodic review of the revenue formula of the Federation. This Bill further makes it obligatory on the President to table proposal(s) for the periodic review of the revenue formula. Again, this Bill makes it mandatory on the Revenue Mobilization, Allocation and Fiscal Commission to propose periodic review with the attendant punishment for non-compliance. Further, this Bill empowers the National Assembly to exercise wide range of discretions in relation to the periodic review of the revenue formula of the Federation.