touchaheart Nigeria reports that on Thursday, a workshop on data collection and collation for an effective evaluation of the Federal Government’s allocation formula was organized by the Lagos State Ministry of Finance.
The session, which was co-hosted by DYA Lorte Ltd and the Revenue Mobilisation Allocation and Fiscal Commission, took place at the state secretariat in Alausa, Ikeja.
The only time Nigeria democratically evaluated its revenue allocation formula was in 1981, complained the Commissioner for Finance, Dr. Rabiu Olowo, who was represented by the state’s Accountant General, Dr. Abiodun Murtala.
“We have the chance to reinvent history right now. I’m confident that the data accurately depict our people’s desire for success,” he remarked.
Lagos deserved a larger budget because of the responsibility it bears, said Hundogan Temitope, the Permanent Secretary of the Ministry of Finance.
In order to ensure that Lagos State obtains its due standing in the Federation Account, he added, “This phase is very essential as all stakeholders have the opportunity to contribute their quota. We’ve at that critical point now. This is the application stage of the review, sometimes referred to as the horizontal method stage, where the formula for allocating the 26.72 percent to state government to be distributed among the federation’s 36 states is discussed.
I want us to keep in mind that the funding for Lagos State is egregiously insufficient for a region with the fifth-largest economy in Africa. It is also important to keep in mind that the flood of people looking for better opportunities from other states in the federation is straining our infrastructures.
Isiaka Hamisu, Director of Revenue Mobilization Allocation and Fiscal Commission, added that there was never a better moment for Lagos to check the quality of its data so that it could receive what it rightfully merits from the Federation Account.