IYC Divulge Reasons For Upward Review Of Revenue Sharing Formula

Following the proposal made by the President Muhammadu Buhari-led federal government for the review of the sharing formula from revenue, the Ijaw Youth Council (IYC), worldwide, has called for upward revenue for the Niger Delta region to 50 percent.

In a press release Thursday signed by the IYC president, Pereotubo Oweilaemi, Esq., and made available to our correspodent, he argued that the FG should revert to the old order if the government finds it difficult to implement the 100 percent recommended.

Barr. Oweilaemi, who applauded President Buhari, for the kind gesture, said the 13 percent to oil producing states should be reviewed upward to 50 percent.

"We demand that the revenue committee should be guided by what it used to be in the 60s.

"In the 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 advocated.

While keeping hope alive that the revenue when reviewed upward would solve teething challenges that the current formula could not address, he said the president would write his name in gold on the sand of time if the clarion call is adhered to.

Hear 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", Oweilaemi's statement added.