RMAFC: LAGOS STATE SEEKS REVIEW OF REVENUE SHARING FORMULA
The Lagos State Government has called for as a review of the revenue allocation formula. Saying the currently operated one in the current is unrealistic.
The Commissioner for Finance, Dr Rabiu Olowo state this on Tuesday at a sensitization workshop on 2021 Revenue Allocation Formula Review held in Agidingbi, Ikeja.
Olowo gave his address at the Stakeholders’ workshop organised by the Ministry of Finance with representatives of the Revenue Mobilisation Allocation and Fiscal Commission members of the state Executive Council, Lawmakers, Permanent Secretaries and Local Government Chairmen, among others.
He said, “The current revenue allocation formula is far from being realistic as the country has evolved over the years. The number of states has increased from 30 to 36; the number of local government increased from 589 to 774 LGAs and in particular, in Lagos State, we have added 37 Local Community Development Areas to bring the government closer to the people.”
Olowo added during a personal interview session that the Sensitization workshop was critical and the gathering was made to make a case reviewing the current revenue allocation in the federation not basically for Lagos alone.
On his part, the Federal Commissioner representing Lagos State at RMAFC, Dr. Adekunle Wright, said ” It is a call to Nigerians for National development”.
Permanent Secretary, Ministry of Finance , Mrs. Ayoola Oyeyemi noted that the change of revenue formula allocation is very important.
