New Telegraph

Sanwo-Olu to FG: We want just, fair, equitable revenue sharing formula

As the call for a review of the current revenue allocation formula continues to gain momentum, Governor Babajide Sanwo-Olu of Lagos State, Monday demanded a sharing formula that is just, fair and equitable that will reflect the contribution of stakeholders to the common purse and also enhance the capacity of state and local governments.

 

The governor said that it was time for a new revenue sharing formula among the three tiers of government, saying that the demand is very straightforward, self-justifying and uncontroversial.

 

The governor spoke at the opening of a two-day South-West Zonal Public hearing on review of revenue allocation formula by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), held on Monday at Lagos Continental Hotel, Victoria Island, saying that the best way to guarantee national progress and development is by paying attention to sub-national development because the national is a summation and a reflection of the sub-national.

 

He said the review of the current revenue allocation formula is long overdue, as the prosperity of Lagos State directly or indirectly has its multiplying effect on the South-West region and the entire country as whole.

Governor Sanwo-Olu also reiterated the call for Lagos State to be accorded special status in recognition of its huge financial commitments to infrastructure and provision of basic amenities for the increasing population of its residents, as well as its preeminent contribution to the national coffers.

He said the call, which has been re-echoed at different fora and at various levels and tiers of government, cannot be over emphasised, especially against the backdrop of the current economic situation of the country, the aftermath of the #EndSARS protests a year ago, and the devastating effects of the COVID-19 pandemic, for which Lagos has been the national epicentre.

“Our demand is a sharing formula that is just, fair and equitable; reflecting the contribution of stakeholders to the common purse; and also one that enhances the capacity of state and local governments to deliver high-quality services and the full dividends of democracy to the greatest number of our people.

“Lagos State is no doubt the nation’s commercial capital, and population centre. The level of funding required to service the state’s social and public infrastructure is so significant that it will be difficult for the state to bear the burden for much longer under the present arrangement.”

Justifying the need for Lagos State to be accorded special status, Governor Sanwo-Olu said Lagos is more than just another state in the Nigerian federation, noting that there is no tribe in the country that has no significant stake in Lagos State.

Read Previous

Edo Police rescue nine kidnap victims

Read Next

Facebook, Whatsapp and Instagram back after outage

Leave a Reply

Your email address will not be published. Required fields are marked *