Existing Revenue Sharing Formula Archaic – Senate | WakaWaka Reporters
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Existing Revenue Sharing Formula Archaic – Senate

The Senate has described the present existing sharing formula of fund from the Federal Accounts Allocation Committee, FAAC, where the Federal Government receives 56 percent while state government and the local government councils get 24 and 20 percent respectively as archaic, saying the upper chambers would soon carry out a holistic review of the process.

According to the Senate, “the 8th Senate is poised to review the archaic existing arrangement. More so, Sections 313 and 315 of the 1999 Constitution call for the periodic review of the revenue sharing formula.”

The Senate also said it would henceforth look into how the funds for general ecological problems and that of the Development of  National Resources were spent, stressing that the upper chamber was kept in the dark about the funds.

These were some of the recommendations contained in the report of the Ad-hoc Committee on Legislative Agenda which has the Senate Leader, Senator Mohammed Ali Ndume as Chairman, with 17 other Senators as members.

Senate President Bukola Saraki had on Thursday, June 25, 2015 constituted the Ad-Hoc committee to, among others, develop an agenda that will be the compass for directing the activities of the 8th Senate.

According to the report,  the Senate will review some of the existing acts relating to how government agencies like the Economic and Financial Crimes Commission, EFCC; Department of State Services, DSS; others operate.