Business & Economy

Revenue allocation formula legal – RMAFC

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has insisted that the revenue allocation formula currently in operation is legal. This followed recent media reports where it was alleged that the current revenue allocation formula is illegal on the grounds that it was never submitted to the National Assembly by Mr. President.

Smugglers Force NNPC to Record N774m Deficit in Petrol Supply

The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that the alleged unwholesome activities of cross-border smugglers of petrol in border states across Nigeria had now forced it to record a daily under-recovery worth N774 million in its importation and distribution of petrol in the country.