The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, called for the passage of a new revenue allocation formula.
Shehu noted that the current formula has allowed some CEOs to earn more than the President of Nigeria, which is unacceptable.
He made the call during the 1st Economic Confidential Public Lecture and Book Presentation held in Abuja yesterday.
At the event, with the theme ‘Economic diversification in an evolving cashless society,’ two books were unveiled. The books are ‘Pantami: Trials and Triumph of a Digital Maestro’ and ‘eNaira Revolution: A Peep into Nigeria’s Cashless Future,’ written by Yushau A. Shuaib and Abdulrahman Abdulraheem.
Shehu stressed the urgency of passing the proposed review of the remuneration act for elected and designated public officials into law before the end of the current administration. He stated that if the bill is not passed, the President-elect, Senator Bola Ahmed Tinubu, would receive a monthly package of N1.2m, and state governors would receive N1.1m. Shehu further disclosed that some heads of government agencies earn higher salaries than the President and state governors, which he described as inappropriate.
In his keynote address, the Minister of Communication and Digital Economy, Professor Isa Ali Pantami, emphasized the importance of economic diversification and the deployment of technology tools to achieve it. Shehu also called for a review of the remuneration of political and designated public officials, as the last review was carried out in 2008 and is long overdue.