The Ogun State Governor, Prince Dapo Abiodun has canvassed for an upward review of the States’ revenue allocation sharing formula from 26.7 percent to 45 percent, to allow for more development.

Prince Abiodun made the submission in Lagos, while speaking at the South West Zonal Public Hearing on Review of Revenue Mobilisation Allocation and Fiscal Commission.

The Governor, represented by his Commissioner for Finance and Chief Economic Adviser, Mr. Dapo Okubadejo noted that there should be a downward review of allocation of the Federal Government from 52.68 to 30 percent.

According to Abiodun, ‘’the formula should be reworked to stand as 30 percent to Federal, 45 percent to States and 25 percent to Local Governments, as against the current stand of 52.68, 26.72, and 20.60 percent respectively, as the current formula is no longer in tune with economic realities”.

He added that the Exclusive List should be amended to allow each tier of government to concentrate on areas that would have better impact on the lives of the people, attributing the current imbalance in the revenue sharing formula to the provisions of the 1999 Constitution, particularly the Exclusive Legislative List.

"The revenue allocation should be reviewed and each tier of government should be funded according to the functions they perform. This is to enable States to carry out expenditure functions within their scope and jurisdiction, thus improving the economic growth of States and the nation in general", Abiodun said.

He sought the cooperation of the National Assembly to ensure passage of the bill on new Revenue Allocation Formula whenever it gets to them, maintaining that States have increasingly borne significant additional increase in managing issues relating to maintenance, peace, security, education, infrastructural development, social welfare programmes, among others.

Also speaking, his Lagos State counterpart Mr. Babajide Sanwo-Olu, who declared the forum open, called on the Federal Government to accord the State a special status, due to its pivotal role in the development of Nigeria.

Sanwo-Olu said there is need for a just, equitable, and straight forward revenue sharing formula, for the country to attain a greater economic prosperity.

Other dignitaries at the event include, Governors of all the South-West States, represented by their Commissioners for Finance, the Speaker, Ogun State, House of Assembly, Rt. Hon. Olakunle Oluomo, Commissioner for Local Government and Chieftaincy Affairs, Hon. Afolabi Afuape, Senior Special Assistant to the Governor on Revenue Assurance, Mr. Seyi Ogunseye, Permanent Secretary, Ministry of Finance, Alh. Hassan Adekunle, and his Local Government and Chieftaincy Affairs counterpart, Mr. Kolawole Fagbohun, among others.