The National Conference committee on the Devolution of Power has proposed a new revenue sharing formula, with the aim of empowering the states and local governments in their development efforts.
This would see a reduction in the existing Federal Government revenue allocation by 10 per cent, thus bringing it down from 52 per cent to 42 per cent.
Co-Chairman of the Committee and former Governor of Akwa Ibom State, Sir Obong Victor Attah, told journalists at the end of a four-hour meeting that the decision of the committee was guided by the belief that some funds must be devolved to states and local governments for greater development impact.
Attah said the Committee’s decision would be guided by certain provisions in the extant laws including the 1999 Constitution which have left ownership of mineral resources no matter where they are found in the custody of the Federal Government.
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