Revenue formula: Governors demand 42 percent of federal allocation

Governors have demanded 42 per cent revenue allocation with the Federal Government keeping only 35 per cent of the revenue accruing to the federation.

Ekiti Governor and Chairman of the Nigeria Governor’s Forum Kayode Fayemi disclosed this in a keynote address at a national dialogue and book presentation in Abuja.

Fayemi also said events in the country were indicative of the fact that the idea of remaking Nigeria or restructuring was an idea whose time has come.

He also opposed dismantling the country or redrawing it along different strata.

He said: “On revenue collection and sharing, the position of the Nigeria Governors’ Forum to which I subscribe is that the sharing formula should be reviewed in favour of the states, especially given the argument of devolved responsibilities to the sub-nationals.

“In the context of the-proposed new federal structure, Governors have argued for a formula along the lines of 42% to states, 35% to the Federal and 2.3% to Local Governments,” he said.

The Governor said the Federal system has not served the best interests of Nigerians with the issues of devolution of power, decentralisation and true federalism among others becoming thorny at every given time.

The governor argued that the main challenge in the nation’s quest towards a more perfect union is one of remodeling the union and the basis of its fundamental national association.

He also believed the age-long distrust and suspicion are being tested and contested on the basis of issues that should be the pivot of our nation- building effort.

(The Nation)