Anambra State Governor, Willie Obiano, has proposed a revenue sharing formula of 50, 30, and 20 per cent for state, local and federal governments, respectively.
The governor said this while declaring open the sensitisation exercise for a new revenue allocation formula for the country held in Awka, on Wednesday.
Represented by his deputy, Dr Nkem Okeke, the governor said, “Issues of security, health-care, education and of infrastructure in the states require enormous resources and funding.
“The existing revenue formula of 26 percent collectable by states is grossly inadequate.”
A Federal Commissioner in the Revenue Mobilisation Allocation and Fiscal Commission, Chima Okafor, said the team was given a specific constitutional mandate to review from time to time the revenue allocation formula and principles in operation to ensure conformity with changing realities.