It’s time to change revenue sharing formula – Fayemi

Kayode Fayemi, governor of Ekiti and Chairman of Nigeria Governors’ Forum (NGF), says it’s time for revenue sharing formula to change.

The governor made the call on Monday while fielding questions from journalists at the statehouse in Abuja. In the current revenue allocation formula, the federal government gets 52.68%, states get 26.72% and local governments, 20.60%.

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

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“A review of the revenue sharing formula is still the position of the Nigeria’s Governors’ Forum. We feel that it is time for the revenue sharing formula to change and we have made a representation to the President and commander-in-chief,” he said. “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 that we have taken it up.”

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