Lagos Governor, Sanwo-Olu Demands a Review of The Revenue Sharing Formula

Governor Babajide Sanwo-Olu has called for a review of the current sharing formula to reflect the contribution of stakeholders to the common purse.

In his speech at the opening of a two-day South-west zonal public hearing on the review of the revenue allocation formula organised by Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in Lagos on Monday, October 4, Sanwo-Olu stated that a new revenue sharing formula that is fair and equitable is needed.

Also appealing for Lagos to be granted a “special status”, the Governor said it will help in delivering high-quality services and dividends of democracy to Nigerians.

He said;

“The best way to guarantee national progress and development is by paying attention to subnational development because the national is a summation and a reflection of the subnational.

“Lagos State was the epicentre for COVID-19, the same way it was for the Ebola virus some years ago.

“The management of these unforeseen occurrences comes with huge responsibilities and financial commitments on the part of the state government.

“Although we have put that experience behind us and forged ahead, the reality of these unfortunate incidents remains with us; resources that should be committed to other areas of need are now being used for the restoration of damaged public facilities.

“It will be unfair for Lagos State to be left alone to bear these huge expenses without assistance from the centre.

“COVID-19 pandemic is another issue that has once again supported the justification for Lagos State to be accorded the privilege of special status.

“As much as this affects the entire country, it is a fact that the degree of the havoc caused by this virus differs from state to state.”

Sanwo-Olu maintained that the plea for Lagos to be accorded a “special status” did not come from a place of selfish interest, According to him, this will be in the interest of the country and all Nigerians as every tribe in the country has significant stake in the state.

He added;

“It is in the best interest of the country and all Nigerians for Lagos state, which accounts for about 20 per cent of the GDP and about 10 per cent of the nation’s population to continue to prosper.”