The Lagos State Ministry of Finance on Thursday held a workshop on data gathering and collation towards the effective review of the allocation formula of the Federal Government.
The workshop, which was held at the state secretariat in Alausa, Ikeja, was in conjunction with DYA Lorte Limited and the Revenue Mobilisation Allocation and Fiscal Commission.
the Commissioner for Finance, Dr Rabiu Olowo, who was represented by the state’s Accountant General, Dr Abiodun Murtala, lamented that the only time Nigeria democratically reviewed its revenue allocation formula was in 1981.
He said,
“Today, we have the opportunity to rebrand history. I’m sure the statistics fairly represent the yearnings of our people for prosperity.”
In his remarks, the Permanent Secretary, Ministry of Finance, Hundogan Temitope, pointed out that Lagos deserved more allocation because of the responsibility it shoulders.
He said,
“This phase is very crucial as all stakeholders have the opportunity to contribute their quota to ensure that Lagos State receives its rightful status in the Federation Account. We are now at that very important stage. This is the practical phase of the review known as the horizontal method stage, which involves the sharing formula for the 26.72 per cent allocated to state government, to be shared among the 36 states of the federation.
“I want us to bear in mind that the allocation to Lagos State is grossly inadequate for a state described as the fifth largest economy in Africa. It is also worth noting that the influx of people from other states of the federation in search of greener pastures in the state is putting a lot of pressure on our infrastructures.”
Also speaking, the Director, Revenue Mobilisation Allocation and Fiscal Commission, Isiaka Hamisu, said there was no better time for Lagos to review its data for accuracy to enable it to get what it truly deserves from the Federation Account.