“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 to this sharing formula practised in the 60s before the civil war."
Following plans by the federal government to review the revenue sharing formula in the country, the Ijaw Youths Council has demanded an upward review of the 13 percent derivation to oil-producing states.
Pereotubo Oweilaemi, President of IYC in a statement said, “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 to this sharing formula practised in the 60s before the civil war.
“We are certain that an upward review of the meagre 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 Muhammadu Buhari to write his name in the annals of golden history for resolving the Niger Delta conundrum.”
The statement added, “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.”