Revenue Sharing Formula: Fayemi Calls For Immediate Review

By Akinwale Kasali

The Chairman of Nigeria’s Governor Forum, NGF, Ekiti State Governor, Dr Kayode Fayemi of Ekiti has called on the National Assembly and President Muhammadu Buhari to have an immediate review of the country’s revenue Sharing Formula.

Fayemi made the call while fielding questions from State House Correspondents, in Abuja.

He said that the current revenue allocation formular where the federal government gets 52.68%, states get 26.72% and local governments, 20.60%, was not realistic.

In August, the federal government had set up a committee to review the revenue sharing formula “due to current economic realities”, which has been long overdue, as the two lower tiers of government were battling additional responsibilities.

Fayemi stressed that the review of the revenue sharing formula is still the position of the NGF, which feels the time for the revenue sharing formula to change is now.

“We have made a representation to the President and Commander-in-Chief. This is not just under the Buhari administration; this has been an ongoing agitation that started way back since the time of former President Olusegun Obasanjo. It continued during former President Umar Yar’Adua and former President Goodluck Jonathan. So, it is not just something that has been brought out under President Buhari.

“The process is that Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) will do its own due diligence, consult widely with critical stakeholders; and we have also made available our own representation to RMAFC.

“Every state has a representative at RMAFC as you know and only last week, RMAFC held a retreat on this and other matters and I believe they will communicate the position.

“Now that we have a full-fledged RMAFC in place with a Chairman and other members appointed, it is our expectation that this will be taken up by RMAFC with Mr President in a manner we have taken it up”.