Lagos demands 1% in revenue allocation formula

Lagos State Government has demanded one per cent share in the federal revenue allocation formula, maintaining that the state’s unique features and its prosperity bear on development in the South-west and Nigeria, generally.

The government canvassed a special status designation for Lagos State, and proposed that the revenue sharing formula should be 34 per cent for the federal government, one per cent for the Federal Capital Territory, 42 per cent for state governments, 23 per cent for local governments, and one per cent for Lagos State(Special Status).

This is against the current revenue allocation formula, which gives the federal government 52.68 percent, the 36 state governments 26.72 percent, and the 774 local governments 20.60 percent.

The Lagos State government’s demands were made by Governor Babajide SanwoOlu at the opening of a two-day South-west zonal public hearing on review of the revenue allocation formula, organised in Lagos by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC).