Nigeria's revenue allocation formula has long been a subject of controversy and political manoeuvring among the federal, state, and local governments. Despite numerous attempts to establish an agreeable formula, past administrations have failed to achieve a balanced distribution of revenue. However, recent legislative efforts, such as the Bill for an Act to Repeal and Re-enact the Revenue Mobilization Allocation and Fiscal Commission Act, 2023, signal potential reforms in revenue allocation governance. This seminar explores the intricacies of revenue allocation in Nigeria's federating system, examining the percentages allocated to each tier of government and their impact on development. Drawing on qualitative research methods and a critical analysis of existing literature, the seminar aims to shed light on the inequitable distribution of revenue, with the federal government receiving the lion's share. It underscores the importance of accountability and transparency in revenue disbursement, advocating for collaboration between the federal government and the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) to ensure judicious use of allocated funds. Additionally, it calls upon state and local governments to explore alternative revenue generation strategies to complement their allocations and drive sustainable development at the grassroots level.