Lagos Governor, Babajide Sanwo-Olu has called for a review that will allow states to acquire 42 per cent of revenue in the Federation Account.
The governor spoke on Monday at the S-Due west Zonal public hearing on Review of Allotment formula by the Revenue Mobilization Allotment and Financial Commission (RMAFC).
In the current sharing formula, the Federal Authorities takes 52.68 per cent, states 26.72 per cent, local governments 20.60 per cent and 13 per cent derivation for oil producing states.
Sanwo-Olu famous that the formula which became operational in relation to 29 years agone was long overdue for amendment.
The governor said the Nigerian financial federalism should be adjusted to develop to a greater extent expenditure responsibilities with appropriate revenue resource allotment to States and LGs.
“The Lagos Province Authorities proposed revenue resource allotment formula: Federal authorities: 34 per cent, Province authorities 42 per cent, local authorities councils: 23 per cent and Lagos Province (Special Status, 1 per cent).”
Sanwo-Olu said the solution will diversify and strengthen the financial base of operations of the province authorities.
The Lagos helmsman stressed the demand to opposite the age-long financial ascendence by the federal authorities in tell to re-establish a true federal system.
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