Lagos State Government has demanded a new revenue sharing formula that is fair, equitable and reflects the contribution of stakeholders to the common purse.
Governor Babajide Sanwo-Olu made the demand on Monday while calling for a special status for Lagos over what he describes as its huge financial obligations to the national coffers.
Speaking during a two-day South-West zonal public hearing on the review of the revenue allocation formula organised by Revenue Mobilisation Allocation and Fiscal Commission RMAFC, Sanwo-Olu said the state also wanted a revenue formula that enhances the capacity to deliver high-quality services and dividends of democracy to Nigerians.
According to Sanwo-Olu, Lagos is more than just another state in the Nigerian federation as there is no tribe in the country that has no significant stake in the state.
On his part, RMAFC Chairman, Elias Mbam, lauded Sanwo-Olu and the Lagos State Government for accepting to host the public hearing.
Mbam said RMAFC began the process of reviewing the subsisting vertical revenue allocation formula in line with changing realities as the last review was done in 1992.
