A foundation member of the All Progressive Congress, APC, Osita Okechukwu, on Tuesday, backed the proposed review of the existing Revenue Allocation Formula, saying it is long overdue.
Okechukwu described the planned review as a “win-win- balanced Federalism via fiscal restructuring,” especially now that Nigeria is altering its constitution.
He stated his position while addressing journalists after Mohammed Bello Shehu, the chairman of Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, announced plans to review the Revenue Allocation Formula.
The former Director General of Voice of Nigeria, VON, canvassed the urgent need to reduce the huge extant revenue allocation to federal government from 52 percent to 40 percent, to guarantee ultimate balanced federalism.
This, he said, would enhance the progress and prosperity of our dear citizenry, albeit ultimately advancing the frontiers of our grassroots democracy.
He said: “My observation over the last decades informed that the political banditry, ultra-nepotism and tension soaked presidential election in our dear fatherland is largely due to unbalanced federalism. And unbalanced federalism is an outlier of do or die struggle of who presides over the huge Oil Revenue (a.k.a. national cake) at the over centralised federal government.”
In this context, Okechukwu said that he agreed wholeheartedly with Shehu’s submission that the review of the vertical revenue-sharing formula, which determines how federally collected revenues are shared among the federal, state, and local governments had been long overdue.
He argued that this 33 years old revenue formula – 52.68 percent Federal Government, 26.72 percent States 20.60 percent LGAs, 4.8 percent Special Funds, 1 percent FCT and Ecological Fund, 1.68 percent Natural Resources, and 0.5 percent Stabilisation Fund is antithetical to development and retrogressive.
“May I humbly submit that In line with RMAFC constitutional responsibility, as a matter of urgent national security and in response to the evolving socio-economic, political and fiscal realities should propose revenue formula of – 40 percent FG, 40 percent States, 10 percent LGAs and 10 percent to the rest,” Okechukwu retorted.
When asked why the LGAs, a vital tier should be slashed to only 10 percent, Okechukwu countered that since all genuine efforts made in the last 25 years to retrieve LGAs from the stranglehold of our “Emperor Governors,” even the financial autonomy initiative by President Tinubu, which culminated in the July 11, 2024 Supreme Court landmark judgment had failed woefully, it has become pragmatic imperative to stop chasing shadows.
He recalled that revenue allocation review exercise in the past had been controversial and marred by hate pandemic of ignorant political bandits masquerading as ethno-religious champions.
Okechukwu, accordingly appealed to divisive elements and agents of polarisation to sheath their arsenal and acknowledge the gospel truth; that abject poverty, grinding hunger, gross unemployment, crisis of inequality and palpable insecurity are still unfortunately plaguing all our six geopolitical zones, even that of those who presided over Nigeria for more than 10 years.
He called on President Tinubu, the governors, National and State legislators and patriots to breathe life into the “Constitution this Win-Win-Balanced Federalism, especially now that we are altering it.”
MESSAGE us @ https://Wa.me/+2348072633727 for business relationship, Advert, PR, Publicity, Awareness, Interviews, Feature Stories, Press Release/Statement and so on…
YOU CAN READ MORE NEWS UPDATES AND INFO @ https://www.voiceairmedia.com