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Gov Inuwa calls for equitable sharing formula

Governor Inuwa Yahaya giving his address at the occasion

Governor Inuwa Yahaya of Gombe state has called for a people centred, equitable and fairer revenue sharing formula among the three tiers of government for speedy economic development of the country.

He made the call at the Northeast Zonal Public Hearing On Review Of Revenue Allocation Formula by Revenue Mobilisation Allocation and Fiscal Commission in Gombe.

He said the era of generating revenue and spending it on the premise of existing law, order or procurement was no longer acceptable as all expenditure must be appropriately handled.

Governor Inuwa Yahaya noted that it was difficult to attain meaningful economic development through continuous dependence on crude oil resource as the major source of revenue.

He said the nation had no other alternative than to diversify its economy to meet with the massive developmental challenges facing the country.

The Governor added that through diversification, the nation would be able to harness and utilize it’s abundant natural resources, rebuild the economy and improve the living standard of the people.

The Chairman, Revenue Mobilization Allocation and Fiscal Commission, Mr. Elias Mbam, said the commission has commenced the process of reviewing the revenue allocation formula in view of the changing realities in the nation’s socio-cultural, political and economic environment.

He said studies on fiscal matters relating to allocation of federation revenue were also carried out to ensure equitable and fair revenue sharing formula.

Mr. Elias Mbam added that the commission was determined to give the nation a new revenue allocation formula that would meet the yearnings and developmental aspirations of Nigerians before the end of the year.

Participants at the two-day public hearing were drawn from the states in the Northeast sub-region comprising of Bauchi, Gombe, Adamawa, Taraba, Borno and Yobe.

Reporting by Hudu Shehu; Editing by Adeniyi Bakare