Review Revenue Allocation Formula – Oyintiloye

Olatunbosun Oyintiloye, Osun State House of Assembly member representing Obokun Constituency, has advocated a systemic implementation of the 2014 National Conference Report, most especially in the area of allocation sharing formula.

Oyintiloye who spoke against the backdrop of the current hardship witnessed in the country, which has resulted into many states’ inability to pay workers salary, said the implementation of the formula was necessary, with a view to giving the states and local governments more fund to stabilise the economy.

He is of the view that the present sharing formula, whereby the Federal Government alone takes 52.68%, leaving the 36 states with 26.72% and 774 local governments with 20.60% would continue to affect the economy negatively if not addressed.

Noting that the situation requires that more money be given to states and local governments, he said the conference recommendations of 42.5%, 35% and 22.5% for federal, states and local governments respectively would help to a large extent.

The lawmaker, who lauded President Muhammadu Buhari for his commitment to refund the money expended on federal projects executed by states, said the gesture would only provide immediate succour to states.

“Presently, Nigeria is in economic crisis, and that is why states find it difficult to pay salaries for months and we must explore long term and sustainable means to resolve the crisis.

“The truth is that states and local governments need more fund to be made available to them and in my view, we must ensure the systemic implementation of 2014 national conference report on the revenue allocation formula to achieve this. The President can exercise his discretion to implement this portion, as a matter of urgent national importance aimed at solving the economic problem,” he said.

While describing the outcome of the national conference, its recommendations and documents as a national property, Oyintiloye noted that the investment of the federal government on the conference should not be allowed to go down the drain.

Oyintiloye also applauded the commitment of the Buhari-led administration to block leakages and ensure the recovery of funds stolen by government officials who abused their offices in the recent past.

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