Lagos State Governor Babajide Sanwo-Olu has said the review of the current revenue allocation formula is long overdue, as the prosperity of the state directly or indirectly has its multiplying effects on the South-West region and the entire country .
At the opening of a two-day South-West Zonal public hearing on the review of revenue allocation formula by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), held yesterday in Lagos, Governor Sanwo-Olu said the need for a new revenue sharing formula among the three tiers of government was very straightforward, self-justifying and not controversial.
Sanwo-Olu said the best way to guarantee national progress and development is by paying attention to sub-national development because the national is a summation and a reflection of the sub-national.
He also reiterated the call for Lagos state to be accorded special status in recognition of its huge financial commitments to infrastructure and provision of basic amenities for the increasing population of its residents, as well as its preeminent contribution to the national coffers.
The governor said the call, which has been re-echoed at various levels and tiers of government, cannot be over emphasised, especially against the backdrop of the current economic situation of the country, the aftermath of the #EndSARS protests a year ago, and the devastating effects of the COVID-19 pandemic, for which Lagos has been the national epicenter.
“Our demand is a sharing formula that is just, fair and equitable; reflecting the contribution of stakeholders to the common purse; and also one that enhances the capacity of state and local governments to deliver high-quality services and the full dividends of democracy to the greatest number of our people.
“Lagos State is no doubt the nation’s commercial capital, and population center. The level of funding required to service the state’s social and public infrastructure is so significant that it will be difficult for the State to bear the burden for much longer under the present arrangement.’’