As FG reviews revenue sharing formula, IYC makes BIG demand for oil producing states

AUSTIN OMOS OYIBODE, EDITOR

The Ijaw Youth Council (IYC), an umbrella body of all Ijaw youths worldwide, has demanded for an upward review of the derivation to oil producing states from 13 to 50 percent.

In a statement signed by the IYC president, Barrister Oweilaemi Pereotubo, and made available to Emeraldng.com, the IYC said the gesture will aggressively address the perennial crisis in the Niger Delta region.

The call, according to Barrister Pereotubo, is predicated on the fact that the federal government has put machinery in place to review revenue sharing formula, hence it became necessary to make the demand on the government of Nigeria.

THE FULL STATEMENT IS REPRODUCED BELOW

PROPOSAL TO REVIEW OF THE REVENUE SHARING FORMULA: NIGER DELTA DEMANDS FOR 50%

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% 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 1960, the revenue sharing formula was that 50% went to the oil producing states; 20% to the central government, while 30% was kept in a pool from which distributions were made to all regions in a proportion of their population size.

Let us revert back to this sharing formula which was practiced in the 60s before the civil war.

We are certain that an upward review of the meager 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 Mohammadu Buhari to write his name in the annals of golden history for resolving the Niger Delta conundrum.

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.

Signed:
Pereotubo R. Oweilaemi, Esq.,
President, IYC worldwide

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