Senate considers review of Revenue Sharing Formula

David Mark Nigerian Senate President

Senate considers review of Revenue Sharing Formula
Obiora Ani, Abuja

The Nigerian Senate is considering a review of the country's Revenue Sharing Formula to enable the 36 states and the Federal Capital Territory, Abuja enjoy more revenue.

After a motion on Looming Danger of Bankruptcy in States and the need for Fiscal Evaluation, the Senate directed its committees on Finance, Appropriation and National Planning to study the revenue sharing situation and suggest remedial measures to avoid the total collapse of the economies of some states with unhealthy financial positions.

It also resolved to consider the amendment of the revenue sharing formula in favour of the states in line with true federalism.

Voice of Nigeria Senate Correspondent, Obiora Ani, reports that statistics presented by Senator Olubunmi Adetunmbi, from Ekiti State in South West Nigeria, who proposed the motion, indicated that only four of the thirty six states were financially healthy.

Williams