Lagos State government, yesterday, said it would continue to push for a special status for the state in the sharing formula of revenue by the Federal Government.
“It said the time for a review of the subsisting revenue sharing formula was long overdue. Stakeholders, representatives of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), members of the state executive council, lawmakers and local council representatives all agreed for upward review of revenue allocation for the state.”
“The state Commissioner for Finance, Dr. Rabiu Olowo, said the effort was a proactive move to gather data towards an upcoming South-West regional stakeholders’ meeting on the review of the subsisting revenue allocation formula.
He said that the revenue allocation formula inherited from the military was skewed largely towards the Federal Government, which, according to him, is inconsistent with present realities.
Olowo reiterated that with the status of Lagos as the economic nerve centre of the country, the demand for a special status for Lagos State had been long overdue.
“Commenting, a Federal Commissioner representing Lagos State at RMAFC, Dr. Adekunle Wright, said in view of the changing situation and demands, the commission had been prompted to host stakeholders across the country towards reviewing the revenue formula.”