* To favour states
Rivers State Governor, Mr. Nyesom Wike, has advocated a new revenue sharing formula, which aims to put more money at the disposal of states, for development.
Wike made the proposal when he received a delegation of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) on a courtesy visit at Government House, Port Harcourt.
He pointed out that the states bear more development burden and would require more money to cater to the needs of the people.
“There cannot be a Federal government without the states. So, we advocate a new revenue formula that should take more revenue out of the federal government and given to the states.
“This is because the burden is more on the states than the Federal government. So, the states should have more revenue to cater for the people,” he said.
Currently, the formula allocates 52.68% to Federal government; 26.72% to the 36 states and the FCT, while the 744 local government areas share 20.60% of the government proceeds.
The governor, however, failed to make a definite proposal regarding the formula that should be adopted.