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Niger Delta demands 50% proposed revenue sharing formula-IYC

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IYC President Barr. Oweilaemi Pereotubo

By Cletus Opukeme, Yenagoa

National President of the Ijaw youths council (IYC) world-wide, Barr. Oweilaemi Pereotubo has demanded 50% in the proposed national revenue sharing formula in President Muhammadu Buhari’s administration.

 

Barr. Oweilaemi dropped this hint in a press statement on Thursday, said, ‘‘As the Federal Government is proposing to review the revenue sharing formula in the Country, IYC while commending the government for the gesture demands for an upward review of the 13% derivation to the oil producing states. We demand that the revenue committee should be guided by what it used to be in the 60s.

‘‘In 1960, the revenue sharing formula was that 50% went to the producing states; 20% to the central government, while 30% were kept in a pool from which distributions were made to all regions in a proportion of their population size. Let us revert back to this sharing formula being practiced in the 60s before the civil war’’ he stated.

According to him, ‘‘We are certain that an upward review of the meager 13% derivation to 50% will aggressively address the perennial oil crisis in the Niger Delta. It will stabilise the oil industry thereby boosting our daily productions. This is an opportunity for President Mohammadu Buhari to write his name in the annals of golden history for resolving the Niger Delta conundrum.

 

‘‘It must be recalled that even the El-Rufai-led APC  Committee on True Federalism recommended 100% derivation to the oil producing states. If the Government cannot implement the El-Rufai Committee’s recommendations then we suggest that the Country should go back to the sanctity of the original covenant entered into by our founding fathers in the 1960 and 1963 Constitutions.’’ He declared.

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