Bayelsa State Governor, Hon. Seriake Dickson has described the current efforts of the Federal Revenue Mobilization, Allocation and Fiscal Commission to review the derivation formula as a step in the right direction.
Represented by the Deputy Governor, Retired Rear Admiral Gboribiogha John Jonah at the Interactive session with members and staff of the Commission at the Executive Council Chambers of Government House, Yenagoa, Governor Dickson noted that the move would translate into the formulation of an acceptable and equitable revenue formula for the country.
Governor Dickson, who noted that he was looking forward to the presentations that would be made at the zonal level, assured that the state government would set up a committee that would effectively reflect the state’s position on the issue.
Commending the commission for the sensitization visit, the Governor expressed satisfaction with the explanations offered by the team adding that the format provided by the commission would guide the state in the preparation of its memorandum.
In his remarks, the commissioner for Budget and Economic Planning, Chief Ambrose Akierite, described the visit of the commission as timely, stressing that the interest of the states should be protected.
Highlighting efforts made by the state to shore up the internally generated revenue, the Commissioner said machinery has been put in place to ensure the proper application of relevant tax laws.
In his presentation, a Commissioner in Federal Revenue Mobilisation, Allocation and Fiscal Commission, Mr. Frank Owhor who represented the Chairman of the commission explained that the objective of the visit was to enlighten all stakeholders and the public on the need to participate actively in the review process of a new revenue allocation formula.
Mr. Owhor gave the current allocation formula as Federal Government 52.68%, state 26.72% and Local Government 20.60% with the expendable share of the Federal Government put at 48.5% of the Federation Account describing the balance of 4.18% as the Special Fund which is kept in trust.