The Lagos State government has again demanded what it termed fair and equitable revenue sharing formula in Nigeria.
The state, at the pre-Southwest stakeholders’ meeting on Tuesday to deliberate on the current revenue allocation formula by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), said it was high time the extant revenue formula is readjusted.
Rabiu Olowo, the commissioner for finance, Lagos State, speaking at the event, said it was organised in line with the recent call in a publication made by the RMAFC under the caption “call for memoranda on the review of the revenue allocation formula”.
He said sensitisation was critical considering happenings in the country at the moment.
“For instance, he said the number of states and local government has increased from 30 to 36 states, and 589 to 774 respectively.
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“The constitution prescribes a minimum limit of five years to operate an agreed formula before further review,” he disclosed.
Speaking also, Oyeyemi Ayoola, the permanent secretary in the finance ministry, pointed out that the review of the revenue allocation formula was long overdue as stipulated by the law and considering different variables that had emerged in recent years.
Some members of the state executive council at the event were Samuel Egube, commissioner for economic planning and budget; Wale Ahmed, commissioner for local government and community affairs and Moyosore Onigbanjo, attorney-general and commissioner for justice, who was represented by Saheed Adebiyi Quadri, a director in the ministry.
Participants at the workshop in a consensus agreed that Nigeria cannot have a sustainable public service with the kind of resources being shared at the moment; hence the urgent need to review the revenue allocation formula.
