The Revenue Mobilisation, Allocation, and Fiscal Commission, RMAFC, has commenced a nationwide verification exercise, targeting disputed and newly drilled oil and gas wells across the country.
The exercise which was kicked off in Owerri, the Imo State capital is aimed at resolving ownership and boundary disputes, as well as ensuring the equitable distribution of the 13 per cent derivation fund among oil and gas-producing States of Nigeria.
Beyond resolving existing disagreements, the verification is also designed to strengthen transparency, eliminate uncertainties, and establish a more reliable technical basis for determining revenue allocation.
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Speaking at the flag-off ceremony, the Chairman of the Commission, Mohammed Shehu, said RMAFC is constitutionally empowered to monitor revenue accruals to and disbursements from the Federation Account to ensure that States receive their rightful revenue entitlements.
At the conclusion of the exercise, the committee is expected to submit its findings exclusively to the RMAFC for consideration, ratification, and formal adoption.
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(Editor: Ebuwa Omo-Osagie)
