IYC urges FG to revert to 1960s revenue sharing formula

The Ijaw Youth Council (IYC) has urged the Federal Government to revert to the revenue sharing formula of the 1960s where 50 per cent went to the producing states and 20 per cent to the Central Government.
President, IYC worldwide, Pereotubo Oweilaemi, Esq., in a statement on Friday lauded the FG for its proposed review of the revenue sharing formula.
He said President Muhammadu Buhari would be etching his name in gold if it returned to the sharing formula of the 60s.
“As the Federal Government is proposing to review the revenue sharing formula in the Country, IYC while commending the government for the gesture demands for an upward review of the 13 per cent derivation to the oil-producing states.
“We demand that the revenue committee should be guided by what it used to be in the 60s.
“In 1960s, the revenue sharing formula was that 50 per cent went to the producing states; 20 per cent to the central government, while 30 per cent were kept in a pool from which distributions were made to all regions in a proportion of their population size.
“Let us revert back to this sharing formula being practised in the 60s before the civil war.

“We are certain that an upward review of the meagre 13 per cent derivation to 50 per cent will aggressively address the perennial oil crisis in the Niger Delta.

 “It will stabilise the oil industry thereby boosting our daily productions. This is an opportunity for President Mohammadu Buhari to write his name in the annals of golden history for resolving the Niger Delta conundrum.

“It must be recalled that even the El-Rufai-led APC  Committee on True Federalism recommended 100 per cent derivation to the oil-producing states.

“If the Government cannot implement the El-Rufai Committee’s recommendations then we suggest that the Country should go back to the sanctity of the original covenant entered into by our founding fathers in the 1960 and 1963 Constitutions,” the IYC president enthused.

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