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South-South governor’s forum has called for the upward review of the oil derivation formula from the present 13 percent to 50 per cent.
The Delta State Commissioner for Finance, Fidelis Ekenwo, stated that these were among the resolutions of the governors, local government chairmen and people of the zone at the end of a two-day public hearing on the revenue allocation formula review for the South-South organized by the Revenue Mobilization Allocation and Fiscal Commission held in Port Harcourt.
Ekenwo noted that the revenue formula should be adjusted, with 42 per cent going to the states while 35 and 23 per cents should go to the Federal Government and local governments, respectively.
The Commissioner added that the current formula with the Federal Government getting a higher allocation was promoting wastage and inefficiency at the federal level.
