TRACKING >>The Ijaw Youth Council (IYC) has urged the Federal Government to revert to the revenue sharing formula of the 1960s where 50 per cent went to the producing states and 20 per cent to the Central Government.
He said President Muhammadu Buhari would be etching his name in gold if it returned to the sharing formula of the 60s.
“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 per cent 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 1960s, the revenue sharing formula was that 50 per cent went to the producing states; 20 per cent to the central government, while 30 per cent were kept in a pool from which distributions were made to all regions in a proportion of their population size.
“We are certain that an upward review of the meagre 13 per cent derivation to 50 per cent will aggressively address the perennial oil crisis in the Niger Delta.
“It must be recalled that even the El-Rufai-led APC Committee on True Federalism recommended 100 per cent 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,” the IYC president enthused.
