Global News

Federation Allocation: FG should stop getting Lion’s share, States deserve 42 Percent - Sanwo-Olu

Federation Allocation: FG should stop getting Lion’s share, States deserve 42 Percent - Sanwo-Olu (Updated: 1 year ago)


Lagos Governor, Babajide Sanwo-Olu has called for a review that will allow states to get 42 percent of revenue in the Federation Account.

The governor spoke on Monday at the South-West Zonal public hearing on the Review of Allocation formula by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).

In the current sharing formula, the Federal Government takes 52.68 percent, states 26.72 percent, local governments 20.60 percent, and 13 percent derivation for oil-producing states.

Sanwo-Olu noted that the formula which became operational about 29 years ago was long overdue for amendment.

The governor said the Nigerian fiscal federalism should be adjusted to develop more expenditure responsibilities with appropriate revenue allocation to states and LGs.

“The Lagos State Government proposed revenue allocation formula: Federal government: 34 percent, State government 42 percent, local government councils: 23 percent and Lagos State (Special Status, 1 percent).”

Sanwo-Olu said the solution will diversify and strengthen the fiscal base of the state government.

The Lagos helmsman stressed the need to reverse the age-long fiscal dominance by the federal government in order to re-establish a truly federal system.

Add a coment

Recent Posts

Mr P
Mr P
Lamboginny
Lamboginny
Kida Kudz
Kida Kudz
Samklef
Samklef
SkiiBii
SkiiBii
Danny S
Danny S
Moelogo
Moelogo
Otega
Otega
Olamide
Olamide
Oritse Femi
Oritse Femi
Idowest
Idowest
Vector
Vector
Ric Hassani
Ric Hassani
Wande Coal
Wande Coal
Wale Turner
Wale Turner
Olalakeside
Olalakeside
Burna Boy
Burna Boy
Victor AD
Victor AD
BigerTinz
BigerTinz
Nonso Amadi
Nonso Amadi
Master KG
Master KG
DJ Tunex
DJ Tunex
Klever Jay
Klever Jay
Mayorkun
Mayorkun
Yonda
Yonda
Efe
Efe
Deshinor
Deshinor
D’Banj
D’Banj
Umu Obiligbo
Umu Obiligbo
Banky W
Banky W
JoeBoy
JoeBoy
Naira Marley
Naira Marley
Lil Kesh
Lil Kesh
Tonto Dikeh
Tonto Dikeh
Rexxie
Rexxie
Yung6ix
Yung6ix
KiDi
KiDi
Omawumi
Omawumi
Don Jazzy
Don Jazzy
DJ Switch
DJ Switch
NAIJAKIT.COM